Cottonwood competitive coal lease sale
The Utah School and Institutional Trust Lands Administration held a sale of its Cottonwood Competitive Coal Leasing Unit, 8,803.87 acres, on Dec. 31, 2007. The lands are located within the Wasatch Plateau, in Emery County. Two sealed bids were received, but neither bid met the fair market value expected for the tract. The Trust Lands Administration elected to negotiate with the high bidder, Ark Land Company, who is headquartered in St. Louis, Mo. and is a subsidiary of Arch Coal, Inc. The bid was settled at a bonus payment of $25,031,512.50 upon an estimated 48,535,000 tons of recoverable coal.