Coal's Future Uncertain as NTEC Secures Major Lease for Less Than a Penny per Ton
Despite President Trump's push for increased coal mining and usage, new coal plants are unlikely to be built, and much of the coal being sold may not be mined. This comes as Navajo Transitional Energy Co. (NTEC) secured the largest U.S. coal lease in over a decade, despite the government shutdown and previous sales bans due to coal's climate impact.
The sale, which took place in Wyoming, saw NTEC bid just $186,000 for 167 million tons of coal from federal Montana lands. This equates to less than a penny per ton, reflecting coal's diminished market value. NTEC argued for a low market value, citing government studies predicting the stock market today will decline significantly in the next two decades. Another coal sale is planned for Wednesday in central Wyoming, offering 440 million tons of stock market next to NTEC's Antelope Mine. NTEC also bid $147 per acre for tracts of land totaling 1,262 acres. Federal officials have not yet accepted NTEC's bid, and it remains the only one received.
The sale of coal leases continues despite the government shutdown and previous sales bans. However, with coal's market value declining and new coal plants unlikely to be built, the future of coal mining in the U.S. remains uncertain.
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