Navajo company confident about Wyoming, Montana coal bonding

November 13, 2019 - 6:33 pm

CHEYENNE, Wyo. (AP) — Navajo tribal energy company officials say they’re confident they can secure necessary bonding for recently purchased coal mines in Wyoming and Montana.

The Navajo Nation president announced Tuesday the tribe would not financially back the bonds for the Navajo Transitional Energy Co., saying they would be risky.

NTEC Governmental and External Affairs Director Steve Grey said Wednesday he’s confident the company can still get the roughly $400 million in bonds.

Grey told reporters by phone the company has enough potential collateral, including a coal mine outside Farmington, New Mexico.

The bonds would ensure the Antelope and Cordero Rojo mines in Wyoming and Spring Creek mine in Montana could be cleaned up if they ever closed.

NTEC bought the mines from Cloud Peak Energy, which is going through bankruptcy.

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