Northern Cheyenne Lands Act - (Sec. 4) Directs the Secretary of the Interior to take approximately 932 acres of land in Montana into trust for the Northern Cheyenne Tribe.
(Sec. 5) Requires Great Northern Properties to convey to the Tribe its coal and iron ore mineral interests underlying the land on the Northern Cheyenne Reservation in exchange for U.S. coal mineral interests underlying the land referred to as Bull Mountains and East Fork. Sets forth conditions on the conveyance to Great Northern Properties.
Directs the Secretary to ensure that the deed for those federal coal mineral interests includes a covenant that precludes surface mining of the coal unless certain conditions are met.
Prohibits Montana from taxing the mineral interests this Act conveys to the Tribe.
Sets forth conditions regarding waiver of claims by the Tribe and Great Northern Properties.
(Sec. 6) Requires the Northern Cheyenne Trust Fund to be transferred to the Tribe in exchange for the Tribe waiving all of its claims arising from U.S. management of the Fund.
(Sec. 7) Directs the Secretary to prepare an inventory of fractionated land interests held by the United States in trust for the benefit of the Tribe or individual Indians on the Tribe's Reservation.