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Article: Arch Coal and Great Northern Properties Enter into Montana Coal Lease on Otter Creek Reserves.
- Article from:
- PR Newswire
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ST. LOUIS, Nov. 12 /PRNewswire-FirstCall/ -- Arch Coal, Inc. and Great Northern Properties Limited Partnership (GNP) announced today that they have signed a coal lease comprising all of GNP's coal resources in the Otter Creek Tracts located in southeastern Montana. The coal lease will give Arch the right to mine approximately 9,600 acres of GNP-owned minerals that encompass approximately 731 million tons of high-quality, low-cost sub-bituminous coal reserves. As consideration for entering into the lease, GNP will receive a front-end bonus of $0.10 per ton, or $73.1 million, which will be payable in equal annual installments over a five-year period.
"The lease ...