Authorizes the Secretary of the Interior to negotiate with the Northern Cheyenne Tribe of Indians and any party holding a coal lease, permit, or right to a lease issued under the Act of May 11, 1938, for purposes of entering into cancellation agreements with respect to such leases.
Provides that upon written agreement to cancel such leases such party shall be issued: (1) a noncompetitive lease or leases for federal coal deposits that cannot be mined efficiently or economically unless incorporated into an existing mining unit controlled by the party; or (2) a certificate of bidding rights to acquire coal leases at competitive sales.
States that such leases shall be issued at fair market value and certificates shall have the value of the party's investment plus specified compounded interest.