Navajo bill aimed at changing company to for-profit status
FARMINGTON, N.M. (AP) — A bill proposed for consideration by the Navajo National Council is aimed at making a tribal-owned energy company a for-profit corporation.
The Daily Times reports that the legislation would authorize the tribe to petition the U.S. Interior Department to allow the Navajo Transitional Energy Co. to become a for-profit corporation under the Indian Reorganization Act.
The NTEC is a tribal enterprise company created in 2013 to purchase the Navajo Mine near Fruitland.
Besides owning the mine, the company acquired a 7 percent interest in the Four Corners Power Plant this year and is exploring options for the tribe's potential purchase of the Navajo Generating Station near Page, Arizona.