Backer moves on troubled Ambre BRISBANE-BASED mining company Ambre Energy will shed its "alternative fuels" arm as its major private-equity backer moves to take control of the company amid mounting losses. The company's accounts for the six months to December last year show Ambre would "demerge" its coal-to-liquids business -- which aimed to convert low-grade coal to liquid fuel -- to focus solely on its US operations. The accounts also state Ambre, which posted a $30.7 million loss for the six months to December, will ask its shareholders to approve handing 55 per cent of voting rights to US-based financier Resource Capital Funds. The move comes as managing director and founder Edek Choros cancelled 30 million options over Ambre shares that had been granted to him in May last year. Mr Choros and Ambre Energy spokesman Andrew Crook did not return calls from The Australian. Ambre has plans to export coal from the US northwest and export it to Asian markets, however it has been hit by a drop in coal prices, fierce opposition from environmental groups, legal action and some questionable mine investments. Last week Ambre's US plans hit another snag after the Oregon Department of State Lands raised concerns over the group's development submission for its planned Morrow Pacific Port project. The company appeared to have struggled to attract new investors, with issued capital growing by $2m to $178.5m in the six months to December. Its accumulated losses grew from $124m to $153m in the period, while total equity fell from $99m to $74m. Mining companies such as Ambre typically make losses in the years before major production begins. In his audit of Ambre's accounts, Dan Carroll, a Grant Thornton partner, said the board had forecast the company would "deplete its current cash reserves" within 12 months without further funding. However, the board said it was currently in discussions to "secure the necessary further funding" to complete planned capital expenditure and for working capital requirements. Ambre's accounts show its costs of debt were increasing substantially, with Korea South East Power -- an energy company that Ambre has agreed to sell coal to -- charging an interest rate of 16 per cent on money it had lent. The accounts show KOSEP had been charging Ambre interests rates of either 5 per cent or 10 per cent last year. Resources Capital Funds also lent Ambre a further $US10m ($10.3m). However, under the deal, Ambre is required to seek shareholder approval to allow RCF to increase its voting power to 55 per cent of Ambre's stock. Ambre recently unsuccessfully applied to the Australian Securities & Investments Commission to extend its reporting deadline on the grounds its financing costs remained unsettled. Its December 2012 accounts were lodged with ASIC last week, about five months' late. Ambre Energy had planned to list on the Australian Securities Exchange mid last year.