NTEC claims it’s current on royalty payments
By Michael Illiano
The Sheridan Press
The Navajo Transitional Energy Company, the firm that acquired Spring Creek Mine and two other Powder River Basin mines last year, claims it has negotiated agreements with the federal government to stay current on its mineral tax payments.
NTEC’s agreement to acquire Spring Creek, along with the Antelope and Cordero Rojo mines in Wyoming, from Cloud Peak Energy in bankruptcy proceedings last fall obligated the company to pay Cloud Peak’s unpaid mineral royalties, which totaled more than $93 million.
A recent court filing suggested that debt may be growing, but the company has disputed the claim.
Earlier this month, the U.S. Department of the Interior filed a motion in bankruptcy court that indicated the company owed the federal government $10 million in royalty payments for its mines’ operations through September and October.
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