Northern Cheyenne Land Consolidation Act - Directs the Secretary of the Interior, if Great Northern Properties conveys to the Northern Cheyenne Indian Tribe all its mineral interests underlying specified tracts of land in Montana within the Tribe's reservation (the Cheyenne tracts), to convey to Great Northern Properties all interest of the United States to the coal underlying specified federal tracts in Montana outside the Tribe's reservation.
Requires the Secretary to terminate any existing federal lease to Signal Peak Energy for the coal underlying the Bull Mountains portion of those federal tracts.
Conditions these conveyances on: (1) Great Northern Properties and the Tribe agreeing on a revenue sharing formula for all coal produced from the federal tracts, and (2) Great Northern Properties and Signal Peak Energy agreeing on a lease for the coal underlying the Bull Mountains portion of the federal tracts.
Requires the Northern Cheyenne Tribe to waive each legal claim relating to the failure of the United States to acquire in trust for the Tribe the private mineral interests underlying the Cheyenne tracts as part of the Tribe's reservation.
Prohibits the strip mining of the coal under the Bull Mountains portion of the federal tracts on the completion of this Act's mineral conveyances.
Require Signal Peak Energy, as a condition of the conveyances, to report on the effects of subsidence in the Bull Mountains portion of the federal tracts.