Ambre, A Fly By Night?
Ambre Energy is a fly by night Company. The company has lost $65 million in 2012 its investors are feeling the losses as well. The company has never made a profit and looks like it never will. Ambre has proposed two huge projects one in Longview Washington and the other at Boardman Oregon and Port Westward Oregon. The proposals will have to pass regulatory, permitting and monetary hurdles, right now time and finances are not on the side of this carpet bagging company.
Ambre energy keeps its business information well hidden and does not make its financial information available to any faction that may want to do business with them. Many people are lead to believe that Ambre Energy is some huge international mining company; nothing could be farther from the truth.
So why are so many in the special districts such as the port districts swallowing Amber's lies and deceptiveness hook line and sinker? Why are the port districts pushing these speculative endeavors? They are wasting the taxpayer's money while the majority of the people in the communities and port districts are adamantly against coal in any form.
Ambre Energy has not been in the mining business very long in fact they just got into the mining business in the fall of 2011. They are a high risk company that has never had any profits. Again why would a port district even consider doing business with a company that is virtually broke before they even get started? Why should the taxpayers be the patsy and personal banker for these would be companies who need the "FREE" funds to even break ground and would be a money pit and burden on the taxpayer for decades, that is if they even started up.
We have had enough of speculative business brought into Columbia County by the Port of St. Helens and the county commissioners at the expense of the tax payers of the county and the tax payers of Oregon.
Taken from the: Sightline's Clark Williams-Derry and Alan Durning, with Tom Sanzillo, Finance Director of the Institute for Energy Economics and Financial Analysis. Web page Sightline Institute
· Minuscule revenues: the firm has collected only $6.6 million in worldwide revenues over the past 7 years.TAMMY
· Massive losses: Ambre has accumulated $124 million in losses on its balance sheets.
· Failed Australian venture: The firm recently admitted that it lost $10.9 million on a failed coal project in Australia.
· Huge liabilities: The company is on the hook for hundreds of millions of dollars for mine reclamation and site cleanup, retiree medical and pension benefits, and costs arising from a recent legal settlement.
· Troubled assets: Ambre may see little value from some of its assets, including a $65 million bond cash holding dedicated for mine reclamation, and $19 million in shale oil development costs.
· High borrowing costs: The company has taken out multi-million dollar loans with annual interest rates of at least 10 percent, and a "balloon" loan charging 12 percent interest.
· Massive capital needs: Ambre needs to raise about $1 billion to bring its coal export plans to fruition.
Potential investors in Ambre, as well as the communities and businesses hoping to benefit from the firm's business, would be wise to consider Ambre's finances and troubled history before committing money or other resources to the company's export ventures.
What the heck is wrong with our elected people in our counties? Are they so ignorant that they cannot do a little research on companies before they decide to court them? The track record of Columbia County and the Port of St. Helens shows they have always turned a favorable cheek to companies that are risky. The problem is the tax payers have in the past allowed these risky ventures to happen. Not so any more, the people of Columbia County have had enough and have mobilized to be active in stopping one coal company Kinder Morgan from coming through or into our county.
With the war raging on against coal a battle was won against Kinder Morgan as the company made public that they would not continue on and withdrew the proposal for an exporting facility at Port Westward. The battle will continue because Kinder Morgan may claim that they are not going to continue on but the fact of the matter is they have until July 2013 with a due diligence agreement with the Port of St. Helens and can come back between now and then and continue on. They can also have their lawyers extend the agreement revise the agreement etc at any time. They need the land use zone change and the Port of St. Helens will keep trying to get that through and then it will be easier sailing for the coal company. No matter what these parties say you cannot trust the Port of St. Helens the county commissioners or a coal company.
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