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<br />(~ <br /> <br />. <br /> <br />. <br /> <br />CD <br /> <br />1'"".' <br />, , <br /> <br />~ In the next 6 months, we expect to form a business partnership <br />c" ) <br />C: and determine the extent of market commitments by endorsers. <br /> <br />Also, we will continue to work with Reclamation and the <br /> <br />Department of the Interior toward a U.S./Japanese coal trade <br /> <br />agreement, as well as initiating work on a liquid C02 <br />demonstration facility. <br /> <br />Recent experience has shown that lack of a firm market is one <br /> <br />of the largest single liabilities for proposed coal pipelines. <br />For example, the ETSI Project expended millions of dollars in <br /> <br />planning and won numerous court cases for rights-of-way, but <br /> <br />when intended coal markets disappeared, the pipeline was <br /> <br />cancelled. To avoid that situation, market commitments from <br /> <br />Pacific Rim nations will be secured before significant amounts <br /> <br />of money are spent on WESTRANS. Representatives of Western <br /> <br />Resource Transport, Inc., will meet with potential Japanese <br /> <br />coal users within the next few weeks to formally introduce the <br /> <br />project. Japanese utilities and other coal users will be <br /> <br />contacted to solicit their interest in participating in and <br /> <br />funding project development. <br /> <br />In addition, over the past few weeks, we have met with <br /> <br />representatives of the Departments of Interior, Commerce, and <br /> <br />State to initiate discussions on a trade agreement with the <br /> <br />Japanese government. In Japan, government and private <br />industry work closely to secure coal supplies from foreign <br /> <br />4 <br />