BILLINGS, Mont. (AP) — Two companies sought to drop their dueling lawsuits over a Montana coal mine on Wednesday after a deal to sell the mine stalled over financing troubles.
Ambre Energy of Australia and Cloud Peak Energy of Wyoming co-own the Decker mine. They announced Wednesday they need more time to negotiate over Ambre's bid to take full control, a prospect the two sides hoped would settle their legal dispute over the mine's future.
Ambre has failed so far to come up with more than $70 million in cash to close the deal first announced in December. There have since been numerous extensions of court-ordered deadlines to settle competing legal claims from the two companies.
Cloud Peak Energy last year charged a breach of contract because it said Ambre planned to expand production outside of the formal process established by the joint management committee. Ambre countered that Cloud Peak was insisting on closing Decker because Cloud Peak owns a competing coal mine where production has been increasing.
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