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200 Colo. 310, 618 P.2d 1367 (1980). A water right thus is <br />a property right subject to sale and conveyance and,. under <br />proper conditions, its point of diversion and manner of use <br />may be changed to accommodate the needs of the user. Green <br />v. Chaffee Ditch Co., 150 Colo. 91, 371 P.2d 775 (1962). <br />'i The value of a water right is, in large part, measured by its <br />relative priority to the use of water in the stream. a a'o <br />Development Co. v. Sanderson, 655 P.2d 1374 (Colo. 1982). <br />Most, if not all, river basins in Colorado are over- <br />appropriated. Accordingly, newly-appropriated water rights <br />are very junior in priority and do not yield a reliable <br />quantity of water on an annual basis. A mining operation, <br />therefore, usually will purchase existing senior water rights <br />and, pursuant to the statutorily prescribed procedure, file <br />and adjudicate a change of water rights, possibly including <br />a plan for augmentation. 537-92-302(1)(a), C.R.S. The <br />statutory procedure fully accommodates the desire of any and <br />every user of water rights affected by the proposed change to <br />participate in and oppose the requested change. §.37-92- <br />302(1)(b). In the case of a major mining operation, the <br />purchase and adjudication procedure easily can take two years <br />to complete and require expenditure of substantial seams of <br />money. <br />The position taken by CES would, in effect, require the <br />proponent of a mining project to purchase water rights and <br />- 29 - <br />