Navajo leader vows no financial backing for tribal coal mines deal
2019-11-14 15:35:16 [Print]
The Navajo Nation said it would offer no financial backing for a deal under which a tribal energy company recently bought three coal mines, citing the tenuous future of coal and the tribe's desire to expand its use of renewable energy.
The Navajo Transitional Energy Company (NTEC), wholly owned by the Navajo Nation, purchased coal mines in Wyoming and Montana from Cloud Peak Energy more than a month ago after Cloud Peak declared bankruptcy earlier this year.
The purchases made NTEC the third largest coal producer in the United States but also took tribal and western state leaders by surprise, raising concerns about potential financial risks for the Navajo tribe amid the coal industry's rapid decline. That is especially true as the tribal government pursues policies to move the Navajo Nation away from fossil fuels.
"Many experts question the viability of expanding our interests in a coal market that appears to be dwindling. We will not support initiatives that attempt to circumvent or undermine the laws and policies of our Nation," Navajo Nation President Jonathan Nez said in a statement.
The Navajo Transitional Energy Company (NTEC), wholly owned by the Navajo Nation, purchased coal mines in Wyoming and Montana from Cloud Peak Energy more than a month ago after Cloud Peak declared bankruptcy earlier this year.
The purchases made NTEC the third largest coal producer in the United States but also took tribal and western state leaders by surprise, raising concerns about potential financial risks for the Navajo tribe amid the coal industry's rapid decline. That is especially true as the tribal government pursues policies to move the Navajo Nation away from fossil fuels.
"Many experts question the viability of expanding our interests in a coal market that appears to be dwindling. We will not support initiatives that attempt to circumvent or undermine the laws and policies of our Nation," Navajo Nation President Jonathan Nez said in a statement.
