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Monday, February 08, 2010
No Bidders For Montana Coal-Mining Lease Sale
By Cassandra Sweet
Dow Jones Newswires
SAN FRANCISCO -(Dow Jones)- The outlook for a coal-mining lease sale by the state of Montana was unclear Monday, after the state received no bids.
The state solicited bids in December for coal leases on 14 parcels of state land in the Otter Creek area of Powder River County. However, no bids were received by a Monday deadline, said Department of Natural Resources Director Mary Sexton.
Bidding requirements included a minimum bid of $143 million, or 25 cents a ton; royalties of 12.5% of the mine price of the coal prepared for shipment; and a $3-an-acre annual rental fee.
The Department of Natural Resources will recommend next steps for the lease sale next week to the state Land Board, which makes final decisions on leases. The recommendations could include such things as lowering the minimum bid, said department spokeswoman Lucy Richards.
Copyright © 2009 Dow Jones Newswires
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