St. Louis, Missouri-based coal producer Arch Coal Inc. announced Wednesday that is has acquired a 38 percent stake in a bulk commodity terminal on the Columbia River near Longview, Washington. In exchange for $25 million and additional consideration upon completion of the project, Arch Coal is now a part owner of Millennium Bulk Terminals-Longview, LLC (MBT).
"This transaction gives us a direct stake in participating in the growth of US coal exports off the West Coast," said Steven F. Leer, Arch's chairman and CEO. "With our superior operation position in the Powder River Basin and Western Bituminous Region, we have the capability to service growing coal demand in Asia, the world's largest and fastest-growing coal market."