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State lowers bonus bid for Otter Creek coal


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The state Land Board voted 3-2 Tuesday to reduce the asking price for development rights to a vast reserve of publicly owned coal near the Wyoming border after not receiving any bids on an earlier offer. The board in December set the bonus bid at 25 cents a ton, or about $143 million. But by the Feb. 8 deadline received only a letter from St. Louisbased Arch Coal Inc. stating that the price for the coal near Ashland was too high. On Tuesday, the board lowered the bonus bid to 15 cents a ton, or about $86 million, and gave companies four weeks to respond. The bonus bid gives a company the ri...

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