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February 20, 2008
Contact: Roger Alexander
Foundation Wyoming Land Company Submits
Successful Bid at Coal Lease Sale
The Bureau of Land Management Wyoming State Office announced Wednesday that Foundation Wyoming Land Company submitted the qualifying high bid of $180,540,000 for the Eagle Butte West Coal Tract.
A qualifying bid must meet or exceed BLM’s estimate of the fair market value of the tract. The high bid by Foundation Wyoming met the fair market value and was accepted.
The 1,428 acre Eagle Butte West Coal Tract contains an estimated 255 million tons of mineable coal. The tract is located approximately four miles north of Gillette, Wyo., and is crossed by U.S. Highway 14/16 along the eastern boundary, and is adjacent to the Eagle Butte Federal coal lease.
More than half of the electricity consumed annually in the United States is produced from the 1.1 billion tons of coal used domestically each year, 32 percent coming from BLM-administered public lands in Wyoming. In fiscal year 2007, coal royalties of $398 million were collected and shared equally with the State of Wyoming.