TORONTO (miningweekly.com) – NYSE-listed Arch Coal has signed a five-year agreement with Canada's Ridley Terminals, which will allow Arch to export coal through the bulk-commodity marine terminal near Prince Rupert, in British Columbia.
Arch is looking for ways to increase exports to Asian markets, and announced last week it had bought a 38% interest in a brownfields coal-export port facility project, on the Columbia River in Washington.
The deal with Ridley will give Arch throughput capacity at the terminal of up to two-million tons of coal for 2011, and up to 2,5-million tons for 2012 to 2015.
"This transaction is another important step in accomplishing our strategic objective of expanding Powder River Basin coal sales into the Asia-Pacific region," chairperson and CEO Steven Leer said in a statement.
"This throughput agreement gives us direct, immediate access to the growing seaborne thermal market. It also complements our recently announced investment in the Millennium Bulk Terminal in Longview, Washington, and other continuing terminal negotiations."