An American Indian and minority owned energy business says it will retain 1,200 employees at three coal mines in Wyoming and Montana. The U.S. District Court of Delaware approved the sale of Cloud Peak Energy’s assets to New Mexico’s Navajo Transitional Energy Company through a bankruptcy auction.
The purchase makes the Navajo company the third largest coal producer in the United States.
“We are pleased to have this final order approved and look forward to assuming operations in mid-October,” said Clark Moseley, Chief Executive Officer of NTEC. “As a company, we have a solid record of returning mines to profitability and doing so as an industry leader in safety and reclamation.”
The approved sale includes Montana’s Spring Creek Mine and Wyoming’s Antelope and Cordero Rojo Mines which provide $230 million in taxes and royalties to their respective states. The purchase of the mines will also provide an increased revenue base to support the Navajo Nation.