Ambre Energy’s purchase of Cloud Peak Energy’s share in the Decker coal mine in Montana is not expected to be completed for the foreseeable future, according to a Cloud Peak Energy press release.
The potential transaction was initially announced by the companies in December 2012.
According to the press release, the companies continue to be in discussions and have jointly dismissed the pending Decker litigation without prejudice to allow time for their ongoing discussions and evaluations.
According to the original agreement, Ambre Energy was to purchase Cloud Peak Energy’s 50% interest in the Decker mine and related assets and assume all reclamation liabilities, including Ambre Energy’s full replacement of Cloud Peak Energy’s US$ 70.7 million in outstanding reclamation and lease bonds. Those uncompleted agreements also provided that Ambre Energy would grant Cloud Peak Energy an option for up to 5 million tpa of its throughput capacity at the proposed Millennium bulk terminals coal export facility and would make a future cash payment to Cloud Peak Energy.
Read the article online at: https://www.worldcoal.com/coal/29082013/sale_of_decker_mine_to_ambre_energy_delayed_coal_news_333/