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.
The council on Friday began a special session scheduled to conclude Monday.