18 May '12, 8pm

Peabody Coal pays U.S. taxpayers $1.11 per ton of coal, sells it to China for $123

Peabody Coal pays U.S. taxpayers $1.11 per ton of coal, sells it to China for $123

Yesterday, I wrote about the issue of public land in the Powder River Basin being leased to coal companies for cheap, so they can strip-mine it and sell the coal abroad at an enormous profit. Also yesterday, the feds held a “competitive lease sale” for the South Porcupine Tract, which contains almost 402 million tons of mineable coal. Guess how many companies bid in this “competitive auction”? One: Peabody Coal, the company that filed the original application [PDF] for the lease. This was actually the second auction for the tract. The first ended with no sale because BLM rejected Peabody’s lowball offer of $0.90 a ton. The winning price in Thursday’s sale? $1.11 per ton . Again: $1.11 per ton. The price of a ton of Powder River Basin coal on U.S. spot markets? $9.15 per ton , as of May 11. The price of a ton of coal exported to China? It averaged $97.28 per ton [PDF] in 20...

Full article: http://grist.org/coal/peabody-coal-pays-u-s-taxpayers-1-1...

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