The Globe and Mail reports in its Monday edition that given coal's significant environmental concerns, the probability of developing a new coal export terminal in North America is just about zero. In a Globe special, Norman Rothery writes that Westshore Terminals runs the largest coal loading operation on the West Coast. Westshore's position was put under the microscope in the final round of the Ben Graham stock picking competition, which promotes value investing to MBA students. The terminal and its customers moved 29 million tonnes of coal through Roberts Bank in 2017. Upgrades are expected to boost its capacity in the years to come. The key valuation debate revolved around Westshore's bargaining power with its customers. The students were worried that the company will not fare as well in the negotiations as it had in the past because a major customer has been trying to boost capacity at a competing facility. The students from Said took home the third-place prize of $2,000. Ivey came in second and netted $4,000. The Cass team nabbed the top prize of $8,000. Cass pegged Westshore's intrinsic value at $19.80 a share, which is below its recent price of $22.62 a share, making it a "no-buy" in their view.