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01/31/2002 08:53 3036427379 COTTER CORPORATION PAGE 05 <br />Permk M-1977-300 30 ]anuary, 2002 <br />Financial Warranty Recalculation Page 4 of 4 <br />Recalculated Indirect Costs for Permit M-1977-300: <br />The reduction in direct costs detailed above mandates a recalculation and reduction in the indirect <br />costs associated with the financial warranty for Permit M-1977-300. These indirect costs have been <br />calculated using the Division guidelines established in the 1996 financial warranty nacalculation. <br />1. Contractors Overhead and Profit: <br />a. Public Liability Insurance ............... 1.550% of pirect Costs, or $ 4,512.00 <br />b. Contractors Performance Bond...... 0.975% of Direct Costs, or $ 2,838.00 <br />c. Contractors Profit ......................... 10.000% of Direct Costs, or 29 109.00 <br />Subtotal (1) $ 36,459.00 <br />Total Construction Contract Amount (Direct Costs plus Contractors O&P): <br />$327,550.00 <br />2. DMG Project Administration F~cpenses: <br />a. Minerals Program Administration... 5.000% of Contract, or $ 16,378.00 <br />Total Recalculated Financial Warranty Amount for Permit M-1977-300: <br />$343,928.00 <br />If you have any questions, or require additional information on the contents of this report, please <br />call Timothy Pierce or Tom Buchholz at (303) 642-3893. <br />Sincerely, <br />;.~~-~~e <br />Timothy W. Pierce <br />EC/RSO - Schwartzwalder Mine <br />cc: Tom Buchholz, General Mine Manager <br />Jerry Powers, Manager of Administration <br />