The documents reveal Coalspur has been facing a financial crisis in the wake of regulatory setbacks, operating losses, a temporary shutdown, increasing investor skepticism and fallout from the sudden death of a charismatic coal magnate from West Virginia dubbed “the King of Coal.”
ERNST LAND OF MINE SERIES
Bank was among a series of court documents related to an ongoing creditor protection process involving Coalspur. The mine, combined with its proposed - and hotly debated expansion - is what a mining industry website describes a s “one of the largest undeveloped coal mines in North America.” Now, a recent court case in Alberta provides a rare glimpse into the inner financial workings behind the struggling Vista coal mine, which is nestled in the foothills of western Alberta, just 40 kilometres from Jasper National Park.
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Opaque corporate structures have meant international investors have historically been able to reap profits from Canadian coal resources, like in the case of Australia’s richest billionaire, often with little transparency. Nevertheless, coal companies have continued to push for new approvals and expanded operations. Setbacks for coal companies are snowballing across the country, as expanded regulatory scrutiny and political and public backlash against one of the world’s most carbon-intensive fossil fuels have increasingly become the norm. It was just the latest blow in a series of financial setbacks for the company that started almost the moment they began mining coal. Its subject was clearly written across the top, in bold, underlined letters: “TERMINATION NOTICE.” The company’s credit cards were cancelled, effective immediately.
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Bank, the company’s supplier of corporate credit cards. In mid-May, beleaguered coal company Coalspur Mines Ltd - the company behind the contentious Vista thermal coal mine in Alberta - received an ominous letter.