Canadian Pacific (TSX:CP, NYSE:CP) announced that it plans to take a fourth quarter pre-tax non-cash charge of approximately $180 million ($107 million after tax) on its option to build into the Powder River Basin.
As quoted in the press release:
It is CP’s intention to defer indefinitely plans to extend its rail network into the PRB coal mines based on continued deterioration in the market for domestic thermal coal, including a sharp deterioration in 2012.
Love It Or Hate It: 40% Of Electricity In The United States Is Generated From Coal. China uses even more.
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