BHP Billiton and the Navajo Transitional Energy Company (NTEC) have today signed the final agreements for NTEC’s purchase of Navajo Mine.
New Mexico Coal Asset President Pat Risner, said: "BHP Billiton is pleased to have worked with the Navajo Nation to secure the future of the mine and the benefits it provides to the Navajo Nation, employees, communities, and other stakeholders."
The next milestone for this transaction will be approvals by the owners of the Four Corners Power Plant (FCPP) by the end of November 2013. Following these approvals, the new Coal Supply Agreements covering to 2031 will be executed and ownership will be transferred to NTEC on 1 December 2013.
"BHP Billiton will remain as the manager and operator of Navajo Mine through to 2016 on behalf of NTEC. The mine will continue to be a significant contributor to the Navajo Nation’s and the Four Corners region’s economic base," Mr Risner said.