IG: Undervalued coal leases cost US $62 million

By Associated Press, Matthew Brown

Published June 12, 2013 4:00am ET

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IG: Undervalued coal leases cost US $62 million — FILE - In this April 4, 2013 file photo shows an 80-foot thick coal seam at Cloud Peak Energy's Spring Creek strip mine near Decker, Mont. From the time coal is blasted from strip mines in remote southeastern Montana to the point where it reaches customers in Asia, the fuel's price gets marked up by five times or more, offering a lucrative emerging market for the companies that ship it overseas. Undervalued coal sales from public lands have cost the U.S. an estimated $62 million in potential lost revenues in recent years, according to a Tuesday report from federal investigators who recommended broad changes to the government's coal leasing program to stem further losses. (AP Photo/Matthew Brown, File) | Matthew Brown

BILLINGS, Mont. (AP) — Undervalued coal sales have cost the U.S. an estimated $62 million in potential lost revenues in recent years, according to a Tuesday report from federal investigators who recommended broad changes to the government’s coal leasing program to stem further losses.

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Associated Press Department of Energy