Bank cuts coal loans as Washington eases rules

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By Peter Henderson

SAN FRANCISCO (Reuters) - Bank of America Corp will sharply cut lending to coal mining companies that take the tops off mountains, following pressure from groups that call the practice an environmental hazard.

The bank's recent move represents a financial blow to the industry just as the Bush administration this week made it easier for coal companies to dump debris from mountaintop mining into nearby valleys and streams.

Coal is abundant in the United States but also a relatively dirty fuel that contributes to global warming, making it central to debates on energy independence and the environment. In the steep mountains of Appalachia, across Virginia, West Virginia, Tennessee and Kentucky, mountaintops are literally destroyed to expose coal.

The practice has become a target for environmentalists, who pushed Bank of America and other financial institutions to stop lending to companies involved in such mining.

"Bank of America is particularly concerned about surface mining conducted through mountain top removal in locations such as central Appalachia," the bank said in a statement on its website.

"We therefore will phase out financing of companies whose predominant method of extracting coal is through mountain top removal. While we acknowledge that surface mining is economically efficient and creates jobs, it can be conducted in a way that minimizes environmental impacts in certain geographies," the bank added.

The Environmental Protection Agency on Tuesday approved the repeal of a 1983 law that prohibited surface coal mining within 100 feet of flowing streams.

Massey Energy Co, International Coal Group, Alpha Natural Resources and Patriot Coal Corp are among those with Appalachian surface mines.

(Reporting by Peter Henderson; Editing by Peter Cooney)

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