Backing Out Of Coal

The years-long effort to develop a coal mine in the Otter Creek Valley has come to naught. Queensland billionaire Clive Palmer has also backtracked on his $60 b coal contract with a Chinese group. What seems to be happening here?

The years-long effort to develop a coal mine in the Otter Creek Valley has come to nought. The Schweitzer administration was eyeing revenues and bonus bid (an up-front payment) to the tune of 25 cents a ton, which could have pegged the coal at around $142.5 million.

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