LONGVIEW, Wash. (AP) - Arch Coal is giving up its stake in a joint venture to build a coal export port near Longview, Washington.
Lighthouse Resources Inc. said Thursday it is acquiring Arch's 38 percent interest in Millennium Bulk Terminals-Longview, giving it full ownership of the project. Arch would retain future shipping rights at the port.
St. Louis-based Arch, the nation's second biggest coal company, filed for Chapter 11 bankruptcy protection in January. Senior Vice President Deck Slone said in a statement it was "the right time to transition away" from being a co-developer, partly to conserve capital.
Critics said it's a sign the company didn't have confidence in the project and couldn't bear the costs of keeping it going.
Lighthouse CEO Everett King said in a statement that the announcement underscores the company's commitment to the project and confidence in its future.
Hundreds of people have packed two hearings in Longview and Spokane this week to comment on a draft environmental review.