Coalspur mine going insolvent

[Luke The Drifter]

Coalspur Mines (Operations) Ltd. – Insolvency Insider

insolvencyinsider.ca

Looks like the Coalspur mine just outside Hinton is going insolvent. From what I've read on the CEO's affidavit, permitting issues and coal price contracts is what shut them down. Sad to hear, I was under the impression that the mine was holding its own. Hopefully things can get turned around there.

 

[Bogger]

They got the permit issues dealt with so it sounds as if the main issue is the obligation to the hedge fund and possibly operational capital. Likely won't shut the mine down will probably place the ownership with the hedge fund group that squeezed them.

 

[deaner]

You would think they would have technology nowadays to extract the energy from coal in a different manner that would prevent the release of carbon. Like some kind of gasification without burning, or hydrolysis. A chemical reaction rather than simple combustion. Im definitely no engineer though so dont understand much about what processes might be available. Or maybe combustion with co2 scrubbers is more efficient?