Sale of Cloud Peak mines leaves Navajo Nation in the dark
As the dust settles after a summer of seismic shifts in Wyoming’s coal industry, the sale of three Powder River Basin mines has entered the final stretch.
The auction of bankrupt coal operator Cloud Peak Energy’s mines last month attracted an unexpected player to the basin. Navajo Transitional Energy Company (NTEC) placed a winning, multi-million dollar bid on the thermal coal facilities. A federal court’s approval of the sale Aug. 19 brought the company one step closer to owning Wyoming’s Antelope and Cordero Rojo mines — the third- and fifth-largest mines in the country.
According to the company, NTEC hopes to finalize the sale by the beginning of October. The company would effectively become the third-largest coal company in the country.
The sale of Cloud Peak’s assets to the out-of-state company ushered in a wave of speculation from analysts, hungry to understand the motivations behind the ambitious acquisition. The purchase has been met with both optimism and criticism on the Navajo Nation, where the company currently owns a mine and coal-fired power plant. Some members of the Navajo Nation Tribal Council and public expressed concern over what they called a “risky” investment.
Read more: https://trib.com/business/energy/sale-of-cloud-peak-mines-leaves-navajo-nation-in-the/article_0d8710d8-35f8-5ff6-9730-7be0c6a19196.html
(Casper Star Tribune)