Post by blackcrowheart on Aug 12, 2008 11:39:03 GMT -5
Native Americans strike coal deal
8 August 2008
news.bbc.co.uk/1/hi/business/7549211.stm
<http://news.bbc.co.uk/1/hi/business/7549211.stm>
[coal] Coal-derived diesel from the plant could eventually reach
120,000 barrels a day
An American Indian tribe has struck a 50-year deal with an Australian
company to build a $7bn (£3.6bn) plant that would convert coal into
liquid fuel.
The development between the Crow tribe of Montana and
Australian-American Energy, will initially see up to 50,000 barrels of
fuel produced.
One of the first projects of its kind in the US, output at the Many
Stars plant could hit 125,000 barrels daily.
Various other coal-to-fuel projects are planned for US states, including
Ohio.
Mining-free zone
Construction will begin in several years and will use coal from a mine
that is yet to be developed on the Indians' reservation.
The tribe has 12,000 members and the Crow will pocket up to 50% of the
profits from the plant after investors make up their costs.
It is estimated the tribe could receive up to $1bn a year - a major
economic boost given its annual budget is currently $26m.
[0]
[http://newsimg.bbc.co.uk/nol/shared/img/v3/start_quote_rb.gif] It
means we will become self-sufficient as a tribe
[http://newsimg.bbc.co.uk/nol/shared/img/v3/end_quote_rb.gif]
Carl Venne
Crow Tribe chairman
The Crow's reservation is located above some of the US's largest coal
reserves and some estimate there may be as much as 9bn tonnes
underneath.
To date, the area has remained largely free of mining.
Self-sufficiency
Both the tribe and Australian-American Energy have anticipated
opposition from environmental groups, and have said the Many Stars plant
will be able to capture 95% of the carbon dioxide it emits.
But Crow chairman Carl Venne said this was a chance for the community to
escape poverty.
"People have to realise this is one of the poorest counties in the whole
nation," said Venne.
"It means we will become self-sufficient as a tribe," he added.
The US is expected to see a number of similar coal-to-liquid plants in
the coming years and many have been proposed or are still being
considered.
West Virginia and Wyoming, Ohio, are among the locations which could
accommodate similar projects.
Australia-American Energy is a subsidiary of Australian Energy.
Australian Energy chief executive, Allan Blood, has already embarked on
two similar projects in Australia including a $2bn plant to convert coal
to liquid fertilizer, and another which was recently snapped up by Shell
and Anglo American.
8 August 2008
news.bbc.co.uk/1/hi/business/7549211.stm
<http://news.bbc.co.uk/1/hi/business/7549211.stm>
[coal] Coal-derived diesel from the plant could eventually reach
120,000 barrels a day
An American Indian tribe has struck a 50-year deal with an Australian
company to build a $7bn (£3.6bn) plant that would convert coal into
liquid fuel.
The development between the Crow tribe of Montana and
Australian-American Energy, will initially see up to 50,000 barrels of
fuel produced.
One of the first projects of its kind in the US, output at the Many
Stars plant could hit 125,000 barrels daily.
Various other coal-to-fuel projects are planned for US states, including
Ohio.
Mining-free zone
Construction will begin in several years and will use coal from a mine
that is yet to be developed on the Indians' reservation.
The tribe has 12,000 members and the Crow will pocket up to 50% of the
profits from the plant after investors make up their costs.
It is estimated the tribe could receive up to $1bn a year - a major
economic boost given its annual budget is currently $26m.
[0]
[http://newsimg.bbc.co.uk/nol/shared/img/v3/start_quote_rb.gif] It
means we will become self-sufficient as a tribe
[http://newsimg.bbc.co.uk/nol/shared/img/v3/end_quote_rb.gif]
Carl Venne
Crow Tribe chairman
The Crow's reservation is located above some of the US's largest coal
reserves and some estimate there may be as much as 9bn tonnes
underneath.
To date, the area has remained largely free of mining.
Self-sufficiency
Both the tribe and Australian-American Energy have anticipated
opposition from environmental groups, and have said the Many Stars plant
will be able to capture 95% of the carbon dioxide it emits.
But Crow chairman Carl Venne said this was a chance for the community to
escape poverty.
"People have to realise this is one of the poorest counties in the whole
nation," said Venne.
"It means we will become self-sufficient as a tribe," he added.
The US is expected to see a number of similar coal-to-liquid plants in
the coming years and many have been proposed or are still being
considered.
West Virginia and Wyoming, Ohio, are among the locations which could
accommodate similar projects.
Australia-American Energy is a subsidiary of Australian Energy.
Australian Energy chief executive, Allan Blood, has already embarked on
two similar projects in Australia including a $2bn plant to convert coal
to liquid fertilizer, and another which was recently snapped up by Shell
and Anglo American.