New timeline for the Otter Creek coal mine EIS
I woke up this morning to a phone call from a friend in southeastern Montana. "Did you read the Billings Gazette this morning?" "Not yet, why?" "Arch Coal just lost their ass." What he was referring to was today's headline in the Billings Gazette, Arch Coal writes DKRW Advanced Fuels’ coal gasification project as a $57.7 million loss. The coal to liquids project they proposed in Medicine Bow, Wyoming was a speculative venture (at best) that would have bilked taxpayers out of billions of dollars in public loan guarantees. Arch Coal invested $25 million dollars in 2006 for a 24% stake in the company. Taxpayers for Common Sense (TCS) found that there was no real high point for the project backers. DKRW started losing money the same year that Arch Coal began investing in the project. TCS found they lost $400,000 in 2006, $6.7 million in 2007 and $17.5 million in 2012. Arch Coal loaned DKRW a total of $44 million between 2006 and 2013, none of which has been recovered.