A Navajo tribe-owned company bid $186,000 to lease 167 million tons of coal on federal lands in southeastern Montana, marking the biggest U.S. coal sale in over a decade. The offer equates to one-tenth of a penny per ton, highlighting coal’s diminished value despite Trump’s push for more mining.

Federal officials have not confirmed acceptance of the bid, which was the only one received. At the last successful government lease sale in the region, a Peabody Energy subsidiary paid $793 million for 721 million tons of coal in Wyoming. The demand for the coal near NTEC’s Spring Creek mine remains uncertain.

The lease for the Powder River Basin coal fields was banned by the Biden administration due to climate change concerns. NTEC argued for a low market value of coal in the area, citing government studies predicting a significant decline in coal markets over the next two decades. Republicans aim to reverse the ban on coal leases in the region.

NTEC bid $147 per acre for 1,262 acres of land in the lease area, with another sale planned in Wyoming. Despite the government shutdown, the sales proceed as Trump’s administration did not furlough workers responsible for fossil fuel project reviews. Many coal plants have retired in favor of natural gas and renewables.

Harvard economist James Stock doubts new coal plants will be built despite Trump’s energy push. Stock believes much of the coal being sold under Trump is unlikely to ever be mined. Selling new coal leases does not guarantee mining, as utilities favor cleaner energy sources like natural gas, wind, and solar.

Read more at Yahoo Finance: Company bids less than a penny per ton in biggest US coal sale in over a decade