Boosting Bowie’s fortunes
The loan announced this week between Bowie Resources, the mining company in Delta County’s North Fork Valley, and L&L Energy Inc. of Seattle is reason for cautious optimism.
Bowie has historically provided many, solid-paying coal mining jobs for Delta and Gunnison counties. Additionally, Bowie Resources Mine No. 2 is the largest taxpayer in Delta County. And it has a long-term supply of low-sulphur coal.
However, financial problems have plagued the company of late. It owes Delta County approximately $1 million in property taxes, and Mine No. 2 was temporarily shut down this year.
L&L Energy will loan $1 million to Bowie immediately and possibly as much as $2 million. The company also has the option to acquire up to a 9 percent equity interest in Bowie.
Bowie is an important economic asset for Delta County and the Western Slope. It would be welcome, indeed, if the arrangement with L&L Energy brings financial stability to the company.