Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Blackhawk Mining LLC filed for Chapter 11 court protection in Delaware, adding to a growing list of bankrupt coal miners.
The Lexington, Kentucky-based company in court documents listed more than $1 billion in debt, compared to $165 million in Ebitda last year. Details of the filing were reported earlier this week, including its plan to cut debt by about $650 million.
Cloud Peak Energy Inc., Blackjewel LLC and Cambrian Holding Co. are among the coal mining companies that have gone bankrupt in the past year. Blackhawk focuses on the more-profitable metallurgical coal that is used in making steel, but still had to seek court protection to deal with its debt pile, Chief Financial Officer Jesse Parrish said in a court declaration.
Blackhawk has about 2,800 employees, mostly in Kentucky and West Virginia. The company cut a restructuring deal with more than 90% of its lenders before filing and aims to confirm its bankruptcy plan in August, court papers show. Blackhawk has said the bankruptcy won’t disrupt employees, vendors or customers.
(By Jeremy Hill)
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