Ambre Energy to Buy Out Cloud Peak, Settle Litigation

Ambre Energy to Buy Out Cloud Peak, Settle Litigation

Business Partners, Ambre Energy and Cloud Peak Energy, have come to an agreement to settle litigation over a dispute regarding Decker Coal Mine. In a media release, the companies announced Ambre Energy will buy out Cloud Peak's interests in the Decker mine and related assets, thus assuming 100 percent ownership. The release says the Decker Mine will be sold for $57 million if paid during the first quarter of 2013, or $64 million if paid thereafter.

The agreement calls for mutual cooperation between Decker and Spring Creek mines covering overstrip land areas and land transfers to enable Cloud Peak Energy's rail access to the Youngs Creek Development project.

Edek Choros, Ambre Energy's Chief Executive Officer, said in the release that Ambre's full ownership of the Decker mine is a step toward developing coal exports to Asia via Pacific Northwest ports. The co-owner of the mine said Thursday that those long-term plans won't stop up to 75 layoffs early next year. That move was announced last month amid faltering domestic coal demand.

See the complete media release attached below.

First Northern Bank
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