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Released October 09, 2019 | SUGAR LAND
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The Navajo Transitional Energy Company (NTEC), an American Indian and minority-owned business, has acquired all of Cloud Peak Energy Incorporated's assets. NTEC was the most qualified bidder after Cloud Peak began searching for a buyer following the launch of its bankruptcy proceedings. The transaction was approved in the first week of October and includes the following mines: Spring Creek coal mine in Montana as well as Antelope and Cordero Rojo coal mines in Wyoming. NTEC said in a company statement it plans to retain all 1,200 employees that work at the mines.
In 2018, Cloud Peak Energy was considered the third-largest coal producer in the U.S. According to the Mine Safety and Health Administration (MSHA), the collective group of mines produced almost 50 million tons of coal last year. Antelope produced 23.1 million tons in 2018; Spring Creek produced 13.7 million tons, and Cordero Rojo produced 12.6 million tons.
These numbers do not include NTEC's Navajo Coal mine in New Mexico, which produced 3.4 million tons of coal in 2018. NTEC is wholly owned by the Navajo Nation.
Industrial Info is tracking two grassroot projects worth $400 million for Cloud Peak Energy that hang in the balance during this transition. They are still in very early planning stages. At this time, Industrial Info has been told those decisions have not been made yet. It has not yet been determined if NTEC will acquire these properties as well.
See map below for NTEC and Cloud Peak facilities.
In 2018, Cloud Peak Energy was considered the third-largest coal producer in the U.S. According to the Mine Safety and Health Administration (MSHA), the collective group of mines produced almost 50 million tons of coal last year. Antelope produced 23.1 million tons in 2018; Spring Creek produced 13.7 million tons, and Cordero Rojo produced 12.6 million tons.
These numbers do not include NTEC's Navajo Coal mine in New Mexico, which produced 3.4 million tons of coal in 2018. NTEC is wholly owned by the Navajo Nation.
Industrial Info is tracking two grassroot projects worth $400 million for Cloud Peak Energy that hang in the balance during this transition. They are still in very early planning stages. At this time, Industrial Info has been told those decisions have not been made yet. It has not yet been determined if NTEC will acquire these properties as well.
See map below for NTEC and Cloud Peak facilities.
