Cloud Peak Energy Inc. (NYSE:CLD), one of the largest U.S. coal producers, and the Crow Tribe of Indians today announced that the Crow Tribal Legislature has voted to approve the option and exploration agreements. The Crow Tribe’s Constitution assigns negotiating authority to the Executive Branch and approval authority to the Legislative Branch. With the Legislature’s approval, the Tribal Chairman is now authorized to execute the agreements on behalf of the Tribe. The date for a signing is pending and is expected to take place within the next month. Once signed, the agreements will be submitted to the U.S. Department of the Interior for review and requested approval within 180 days. Department of the Interior approval is required in order to consummate the transactions contemplated by the agreements.
The agreements provide for exploration and three exclusive options to lease three separate coal deposits containing approximately 1.4 billion tons of Northern Powder River Basin coal on the Crow Indian Reservation over an initial five-year term, with two extension periods through 2035 if certain conditions are met. For additional information regarding the Option and Exploration Agreements, refer to Cloud Peak Energy Inc.’s July 23, 2012 press release.
About Cloud Peak Energy
Cloud Peak Energy Inc.
is headquartered in Wyoming and is one of the largest U.S. coal producers and the only pure-play PRB coal company. As one of the safest coal producers in the nation, Cloud Peak Energy specializes in the production of low sulfur, subbituminous coal. The company owns and operates three surface coal mines in the PRB, the lowest cost major coal producing region in the nation. The Antelope and Cordero Rojo mines are located in Wyoming and the Spring Creek mine is located near Decker, Montana. Cloud Peak Energy also owns rights to substantial undeveloped coal and complementary surface assets in the Northern PRB, further building the company’s long-term position to serve Asian export and domestic customers. With approximately 1,600 employees, the company is widely recognized for its exemplary performance in its safety and environmental programs. Cloud Peak Energy is a sustainable fuel supplier for approximately 4% of the nation’s electricity.
About the Crow Tribe of Indians
The Crow Tribe of Indians (Apsáalooke Nation) is a federally-recognized Indian tribe, whose 13,000 members occupy a 2.2 million acre Reservation in southeastern Montana. Under the Tribe’s 2001 Constitution, the Tribal Government consists of an Executive Branch, a Legislative Branch, and an independent Judicial Branch.