Here is Casey Junkins take on Murray Energy's purchase of a Columbian coal company from Goldman Sachs in this morning's Intelligencer:
Even though the coal will be mined in South America, a West Virginia Coal Association official believes Murray Energy Corp.'s purchase of Colombia Natural Resources will benefit local workers by helping to open new markets for the fossil fuel. . . .
"Colombia has one of the largest reserves of coal in the developing part of the world," Chris Hamilton, senior vice president of the coal association, said. "They may very well be able to secure markets for Colombian coal, but then parlay that into new markets for West Virginia and Ohio coal."
According to the article, the Columbian coal will be blended with local coal. A little research on the deals takes you to a Wall Street Journal article that provides background on what Goldman Sachs was selling (I used bold for emphasis):
Goldman bought its first Colombian coal mine, La Francia, in 2010 from Coalcorp Mining Inc.of Canada for about $151 million, plus $50 million in additional financial considerations. Revenue tripled to $200 million a year later. And in 2012, it bought another mine and a stake in a railroad for about $407 million.
Business quickly soured. The Colombian government ordered the firm and some competitors to relocate residents near the mines. In early 2013, a subcontractor running La Francia halted its contract. A few months later, women and children formed a human blockade in front of the neighboring mine, protesting on behalf of workers. The mine shut down for nine months.
Revenue sank to about $70 million in 2013. Demand softened and shipping problems cropped up. The mines essentially stopped producing coal.
Murray Energy bought a mine where worker rights have been an issue -- what a surprise.
Finally, no locally-produced article about coal is complete unless Bob Murray is quoted attacking the Obama administration:
"As the U.S. coal industry continues to be under attack for elimination by the Obama administration, we must look to international markets to ensure our survival," Robert E. Murray added.