Federal Officials Reject Massive Coal Lease Bid Amid Declining Industry Demand
Federal officials have rejected a company’s bid to acquire 167 million tons of coal on Montana public lands for less than a penny per ton. The failed sale underscores coal’s declining demand as utilities shift to cheaper alternatives like natural gas and renewables.
Major Coal Sale Rejected Over Bid Requirements
Federal officials have rejected a company’s bid to acquire 167 million tons of coal on public lands in Montana for less than a penny per ton, according to reports from Billings, Montana. The proposed sale would have represented the largest U.S. government coal transaction in over a decade, but sources indicate the bid failed to meet legal requirements under the Mineral Leasing Act.
