HERE AT COUNCIL WORK SESSION WHERE CONCIL STILL WORKING ON LEGISLATION 0367-13 WHICH RELATES TO TRIBAL GOVERNMENT TAKE OVER OF BHP COAL MINING OPERATIONS.

NAVAJO TRANSITIONAL ENERGY COMPANY PRESIDENT STEVE GUNDERSON
it’s a great honor to be asked to serve on NTEC board of directors and honor to be elected as chairman. as you are aware, board have seven members with at least 20 years experience in law, science, permitting, resident rocket scientists that have knowledge about burning things cleaner. I say this as background cuz policy making body of NTEC.

during this established phase, we have shareholders who are council who created NTEC. there are many moving parts in this transactions and most complex seen in past 16 months. today’s focus is bonds. I’ll note that company run by professionals and chief executive office is Dr. John Brugg with over 40 yrs of mining experience. he worked for BHP. investment truly visionary and move from tax master to player and move to more independence and more sovereignty cuz if no economic sovereignty then can’t defend sovereignty.

All these moves in oil and gas, coal and other natural resources is a move for more sovereignty and the protection of that sovereignty.

we have been going thru due diligence and report available and council accepted April 2013 so information available. Where is APS and BHP? they have been in here and in tough negotiations. They are not here today cuz deals and documents waiting for our signatures. And why need bonds with Zurick and why Marsh here to talk about insurance. If talking NTEC and BHP issue or NTEC and APS then they wud be here. And there are many workers from BHP and APS here and proud to be here.

I would like to note regarding financial performance and information is about taxes paid which is confidential and also speaks to profitability of mine. Can share those numbers with you in executive session.

I will note this transaction is of importance to economic sovereignty and if don’t do then financially impact tribe. If NTEC goes forward the tribal revenues will increase, along with Permanent Trust Fund for hopefuly another 17 years. That is a very important point to note.

Wat are our protections? Obligation bond is protection and I understand that uranium mining occurred and reclamation bond there to reclaim our lands in safe manner. there are many contractural points in this deal but greatest is that as coal supplier of regulated providers we are plugging ourselves into regulated monopoly grid and those energy providers are able to generate revenues. OUr greatest protection is legalistic regulators. Once plug into system is why all this insurance. we have upcoming coal supply agreement with strict provisions for FCPP to buy coal for 15 years. there is also termination fee to protect NTEC’s investment, BHP capital mines.

There are many details but wanted to give a few.