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BEFORE THE MINED LAND RECLAMATION BOARD <br /> STATE OF COLORADO <br /> FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER <br /> IN THE MATTER OF CLIMAX MOLYBDENUM COMPANY'S PROPOSAL TO <br /> USE INTERESTS IN REAL AND PERSONAL PROPERTY AS FINANCIAL <br /> WARRANTY FOR THE HENDERSON MINE, File No. M-1977-342 <br /> THIS MATTER came before the Mined Land Reclamation Board ("Board") <br /> on October 18, 2023 in Denver, Colorado to consider the proposal of Climax <br /> Molybdenum Company ("Operator") to use deeds of trust and interest in real and <br /> personal property as a form of financial warranty for the Henderson Mine, Permit <br /> No. M-1977-342, and the Division of Reclamation, Mining, and Safety's ("Division") <br /> recommendation regarding the proposal. <br /> The Board, having considered the presentations, testimony, materials <br /> submitted, and being fully informed of the facts in the matter, enters the following: <br /> FINDINGS OF FACT <br /> 1. The Board adopts and incorporates the Division's Recommendation to <br /> Accept Financial Warranty, dated October 13, 2023 (the "Recommendation"). The <br /> Recommendation is attached hereto as Exhibit 1 and incorporated into this Order. <br /> CONCLUSIONS OF LAW <br /> 2. The Board has jurisdiction over this matter pursuant to the Colorado <br /> Mined Land Reclamation Act, Article 32 of Title 34, C.R.S. (2023) ("Act"). <br /> 3. Section 34-32-117(3)(b), C.R.S., authorizes the Board to accept <br /> interests in real and personal property as financial warranties "to the extent of a <br /> specified percentage of the estimated value of any such property." The Division has <br /> reviewed and obtained estimates of the value of the proposed interests in real and <br /> personal property offered as financial warranty by Operator and has recommended <br /> percentages of estimated values of those properties to be used as financial <br /> warranty. <br /> Climax Molybdenum Company <br /> Henderson Mine/M-1977-342 1 <br />