The Crow Indian Tribe has signed an agreement with an Australian company that could eventually bring $1 billion a year to the tribe. The agreement outlined today calls for mining coal and developing energy — a deal that could create thousands of jobs for tribal members.

Tribal leaders say this deal will let members realize their dreams of good homes and the best schools. And Tribal Chair Carl Venne says this project will triple the coal mining on the Crow Indian Reservation.

Venne signed the the agreement with Australian-American Energy Company CEO Allan Blood. The $7 billion dollar project will bring 4,000 construction jobs and 900 permanent jobs in mining and the coal to liquids plant. AAEC will provide most of the capital, and it’s not known how much government money will go into the project. The Crow tribe and AAEC will split the profits which they say will add up to about $100 million annually to the tribe in the beginning.

“Once the project is paid off, you’re looking at over $1 billion a year. That’s hard to imagine. There’s a lot of things we as a tribe have to plan for future of our kids and our grand kids. And that’s why it’s so important,” said Carl Venne Crow Tribe chair.

“Elsewhere in the world, there is a very very severe skilled labor shortage. The ability to harness the unemployment of this particular area through long term training programs to create a skilled work force in certain areas, was pretty attractive,” said Alan Blood, CEO for the Australian American Energy Company.

Blood says the amount of coal and access to water were other reasons for choosing the Crow tribe. Australian-American has put up $100 million for research and development to start the $7 billion project.

Governor Brian Schweitzer was also on hand for today’s announcement.

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