Done Deal: Tribe Officially Owns a Coal Mine

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If any disputes arise, state courts will be the primary arena between the newly formed Navajo Transitional Energy Company and the insurers – Zurich American Insurance Co. and Arch Insurance Co. – of $500 million in bonds.

That decision by the Navajo Nation Council was the last hurdle in the tribe's $85 million purchase of Navajo Mine from BHP Billiton.

On Monday, according to a Dec. 30 BHP Billiton press release, the sale was finalized.

Pat Risner, president of BHP's New Mexico Coal Asset division, said BHP Billiton is pleased with the transaction being completed.

"This is a great news for the employees, communities, and all stakeholders that derive benefits from Navajo Mine and the Four Corners Power Plant," Risner said.

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