1,867
edits
Changes
Jump to navigation
Jump to search
===Cloud Peak Bankruptcy===
In May 2019, [[Cloud Peak Energy]] filed for Chapter 11 bankruptcy, citing the declining market for coal. This came after the company cut retiree benefits in October 2018, and was delisted from the New York Stock Exchange in December.<ref>[https://trib.com/business/energy/wyoming-coal-giant-cloud-peak-files-for-bankruptcy/article_92bd4383-b117-5200-8748-0eb8e4585baf.html Wyoming coal giant Cloud Peak files for bankruptcy], ''Casper Star Tribune'', 10 May 2019.</ref> The company's assets, including the Antelope mine, will go up for auction in July 2019; however, Cloud Peak had tried to sell assets before declaring bankruptcy but was unable to find buyers.<ref>[https://trib.com/business/energy/cloud-peak-may-be-on-last-month-of-mining-coal/article_e6a5efb6-ac07-57f9-8c86-c9d9079ea49c.html Cloud Peak may be on last month of mining coal], ''Casper Star Tribune'', 18 June 2019.</ref>
===Sale to Navajo Transitional Energy Company===
In August 2019, Cloud Peak Energy announced that it had "selected [[Navajo Transitional Energy Company]] as the successful bidder to assume ownership of its three coal mines in the basin" according to the ''Casper Star-Tribune.'' "The deal includes a $15.7 million immediate cash payment, a $40 million second lien promissory note and payment of royalties for coal produced over the next five years. Navajo will also take over Wyoming’s Cordero Rojo and Antelope mines — in addition to its Spring Creek mine in Montana."<ref name=Navajo>Camille Erickson [https://trib.com/business/energy/bankrupt-cloud-peak-finds-new-owner-for-its-wyoming-mines/article_f4b4a060-790d-5d52-8cca-6ebf3d298305.html Bankrupt Cloud Peak finds new owner for its Wyoming mines] ''Casper Star-Tribune''Aug 19, 2019</ref>
At the time of purchase, Antelope was the third-largest coal mine in the nation. With Antelope as an asset, the Navajo Transitional Energy Company (NTEC) became the third-largest coal producer in the United States of America. NTEC is moving its headquarters from New Mexico to Colorado as a result of the transaction.<ref name=pr/>
no edit summary
In the record of decision for the Antelope mine, BLM officials said the options for limiting greenhouse emissions are better evaluated at power plants than at coal mines.<ref name="mg"/> On an average day an average day, 21 long freight trains full of coal leave Antelope coal mine bound for 100 power plants across the country.<ref>[http://www.theguardian.com/environment/2014/nov/10/-sp-the-real-story-of-us-coal-inside-the-worlds-biggest-coal-mine "The real story of US coal: inside the world's biggest coalmine"] Suzanne Goldenberg, The Guardian, November 10, 2014.</ref>
===News and Controversies===
===Sale to Navajo Transitional Energy Company===
In August 2019, Cloud Peak Energy announced that it had "selected [[Navajo Transitional Energy Company]] as the successful bidder to assume ownership of its three coal mines in the basin" according to the ''Casper Star-Tribune.'' "The deal includes a $15.7 million immediate cash payment, a $40 million second lien promissory note and payment of royalties for coal produced over the next five years. Navajo will also take over Wyoming’s Cordero Rojo and Antelope mines — in addition to its Spring Creek mine in Montana."<ref name=Navajo>Camille Erickson [https://trib.com/business/energy/bankrupt-cloud-peak-finds-new-owner-for-its-wyoming-mines/article_f4b4a060-790d-5d52-8cca-6ebf3d298305.html Bankrupt Cloud Peak finds new owner for its Wyoming mines] ''Casper Star-Tribune''Aug 19, 2019</ref>
At the time of purchase, Antelope was the third-largest coal mine in the nation. With Antelope as an asset, the Navajo Transitional Energy Company (NTEC) became the third-largest coal producer in the United States of America. NTEC is moving its headquarters from New Mexico to Colorado as a result of the transaction.<ref name=pr/>
===Cloud Peak Bankruptcy===
In May 2019, [[Cloud Peak Energy]] filed for Chapter 11 bankruptcy, citing the declining market for coal. This came after the company cut retiree benefits in October 2018, and was delisted from the New York Stock Exchange in December.<ref>[https://trib.com/business/energy/wyoming-coal-giant-cloud-peak-files-for-bankruptcy/article_92bd4383-b117-5200-8748-0eb8e4585baf.html Wyoming coal giant Cloud Peak files for bankruptcy], ''Casper Star Tribune'', 10 May 2019.</ref> The company's assets, including the Antelope mine, will go up for auction in July 2019; however, Cloud Peak had tried to sell assets before declaring bankruptcy but was unable to find buyers.<ref>[https://trib.com/business/energy/cloud-peak-may-be-on-last-month-of-mining-coal/article_e6a5efb6-ac07-57f9-8c86-c9d9079ea49c.html Cloud Peak may be on last month of mining coal], ''Casper Star Tribune'', 18 June 2019.</ref>
===Cloud Peak Energy to ship more Powder River Basin coal to Asia===
The case was the first in a series of lawsuits brought by the conservation groups over BLM’s coal leasing program in the Powder River Basin. The groups were disappointed with the decision but vowed to continue legal and other efforts to challenge BLM’s coal leases.<ref>[http://ecowatch.org/2012/court-rejects-coal/ "Federal Court Rejects Challenge to 400 Million Ton Coal Lease on Public Lands"] EcoWatch, August 1, 2012.</ref>
==Project Details==
