April 22, 2008
Cordero Mining Submits Successful Bid at Coal Lease Sale
The Bureau of Land Management Wyoming State Office announced Tuesday, April 22, that Cordero Mining Company, a Rio Tinto Energy America subsidiary, submitted the qualifying high bid of $250,800,000.00 for the South Maysdorf Coal Tract.
A qualifying bid must meet or exceed BLM’s estimate of the fair market value of the tract. The high bid met the fair market value and was accepted.
The 2,900 acre South Maysdorf Coal Tract contains an estimated 288.1 million tons of mineable coal. The tract is located in central Campbell County approximately 15 miles south of Gillette, and is adjacent to the Cordero-Rojo coal mine.
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.