Tribe receives $3M contribution from NTEC
FARMINGTON — Navajo Nation officials accepted $3 million for the tribe's general fund from the Navajo Transitional Energy Company this week.
The financial contribution will benefit tribal programs and direct services, according to a press release from the Office of the Speaker.
A presentation occurred Monday inside the council chamber in Window Rock, Arizona.
NTEC CEO Clark Moseley said the distribution is in addition to approximately $40 million in taxes and royalties the company has paid the tribe this year.
"NTEC is proud of its performance over the past year and we want to share our success with the Navajo Nation. We have stated that purchasing Navajo Mine was a good investment for the Navajo Nation, and now the nation is experiencing the benefit revenues generating from coal sales," Moseley said in a company press release.
The six members of the NTEC Management Committee approved the distribution on Dec. 1 and the amount is from the company's projected net income for 2018.
Speaker LoRenzo Bates extended thanks to the company and its board on behalf of the tribe.
"The contribution today in addition to their annual contributions are a sign of the company's success," Bates said.
NTEC was created in 2013 by the Navajo Nation to purchase the Navajo Mine, which supplies coal to the Four Corners Power Plant. The company also acquired 7 percent interest in the power plant this year.
The action by NTEC was in response to requests from the tribal council's Budget and Finance Committee to more than 10 tribal enterprises to contribute dividend payments to help fund direct services and other assistance, the speaker's office release states.
According to the speaker's office, three other tribal enterprises have provided contributions to the tribe since last year.
The Diné Development Corporation has contributed $850,000 since October 2017, the Navajo Nation Gaming Enterprise issued $10 million for the tribe's Gaming Distribution Fund in May and Navajo Agricultural Products Industry contributed $250,000 in June.
Noel Lyn Smith covers the Navajo Nation for The Daily Times. She can be reached at 505-564-4636 or by email at firstname.lastname@example.org.