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Canadian Pacific
CP today
announced it will take a fourth quarter pre-tax non-cash charge of
approximately $180 million ($107 million after tax) on its option to build
into the Powder River Basin (PRB).
When CP acquired the Dakota Minnesota & Eastern railroad in 2007, it also
acquired the option to build a 260-mile extension of its network into coal
mines in the PRB. Components of the charge include the option, engineering
design costs, land and capitalized interest.
It is CP's intention to defer indefinitely plans to extend its rail network
into the PRB coal mines based on continued deterioration in the market for
domestic thermal coal, including a sharp deterioration in 2012.
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