NTEC Expects to Secure Bonding for Wyoming Operations
The announcement comes on the heels of Navajo Nation presidentís decision to terminate its indemnity agreements with the sureties. The indemnity agreement was between the Navajo Nation and the sureties and it allowed for NTECís takeover and successful operation of Navajo mine and Four Corners power plant.
The company said during its assessment of acquiring the CPE mines, it realized the possibility that the Navajo Nation would not financially back the NTEC with indemnity agreements. NTEC has been actively working with a broker to secure bonding to assure proper reclamation is performed at all the mines without a Navajo Nation guarantee.
This action would resolve the concerns expressed by some members of the Navajo Nation, but will come at a greater cost to NTEC, and thus, the Navajo Nation, according to NTEC. NTEC will ensure that proper bonding remains in place at all the mines at all times.