The company said it intends to sell all assets of IC RailMarine Terminal Co. to the Cline Group and Raven Energy, an affiliate of Foresight Energy.
The terminal is located on the east bank of the Mississippi River at Convent, La., upriver from New Orleans. The terminal stores and transfers bulk commodities and liquids between rail, ship and barge, serving customers in North American and global markets.
Upon closing, CN would enter a 10-year rail transportation agreement with Savatran, another affiliate of Foresight and Cline, to haul coal from four Illinois mines to the Convent transfer facility.
Foresight will double the terminal's capacity to 8 million tons of export coal per year, and the companies said that could be increased to 16 million “as market conditions warrant.”
