Coal Mines Won't Close, Says New Owner
By Tom Lutey
November 14, 2019 - The new owner of three distressed coal mines in Montana and Wyoming is insisting the mines won’t close, one day after its major financial backer pulled out.
Navajo Transitional Energy Co., said Wednesday it has the wherewithal to secure reclamation bonding for the Spring Creek Mine in Montana, as well as Wyoming’s Codero Rojo and Antelope mines. NTEC is wholly owned by the Navajo Nation.
Tuesday, Navajo Nation President Jonathan Nez said using the tribe’s full faith and credit to back the mines’ bonds was too risky. Nez questioned NTEC’s decision to pick up the mines at bankruptcy auction. The mines had previously been owned by Cloud Peak Energy. Navajo Nation didn’t sign off on the purchase. NTEC argues no pre-approval was needed.