November 14, 2019 / 12:11 AM / 23 days ago

IN BRIEF: Navajo Nation nixes supporting deal for bankrupt Cloud Peak's coal mine

The Navajo Nation on Tuesday withdrew financial guarantees for the acquisition by its Navajo Transitional Energy Co LLC of three mines from bankrupt coal producer Cloud Peak Energy Inc, saying the tribal company had not provided the tribe’s government with enough information to support the deal.

Navajo Nation President Jonathan Nez also said in a statement that the tribe’s financial resources could be threatened if the tribe allowed Navajo Transitional to put up bonds needed to operate the mines with a bonding agreement the company used to acquire a mine in 2013, adding that “experts question the viability of expanding our interests in a coal market that appears to be dwindling.”

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