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Financial Warranty Reduction <br />Permit M-1977-300 <br />3 February, 2003 <br />Page 3 of 3 <br />Recalculation of Permit M-1977-300 Financial Warranty RequirementAfter Reduction: <br />1. Current Financial Warranty Direct Costs for Permit M-1977-300: <br />The current total direct reclamation costs, approved as Revision SR-1 on 02/16/02, for <br />Permit M-1977-300 are: $291,091.00 <br />2. Remaining Direct Reclamation Costs for Permit M-1977-300: <br />The direct reclamation costs remaining after the deduction of $202,998.39 for work <br />completed since Revision SR-1 under the approved reclamation plan for Permit M-1977-300 <br />are: $ 88,092.61 <br />3. Recalculated Indirect Costs for Permit M-1977-300: <br />The reduction in direct costs detailed above requires a recalculation and reduction in the <br />indirect costs associated with the financial warranty for Permit M-1977-300. These indirect <br />costs have been calculated using the Division guidelines established in the 1996 financial <br />warranty recalculation. <br />a. Contractor's Overhead and Profit: <br />i. Public Liability Insurance ................ <br />ii. Contractor's Performance Bond....... <br />iii. Contractor's Profit .......................... <br />1.550% of Direct Costs, or $ 1,365.44 <br />0.975% of Direct Costs, or $ 858.90 <br />10.000% of Direct Costs, or $ 8.809.26 <br />Subtotal (1) $11,033.60 <br />4. Total Construction Contract Amount (Direct Costs plus Contractor's 0&P): $99,126.21 <br />5. DMG Project Administration Expenses: <br />a. Minerals Program Administration........... 5.000% of Contract, or $ 4,956.31. <br />6. Total Recalculated Financial Warranty Amount for Permit M-1977-300: $104,082.52 <br />A copy of the request to the Division to reduce the financial warranty will be sent to the <br />landowner and Jefferson County in accordance with Rule 4.16(2)(a). Please note that Cotter <br />is the landowner of record. <br />If you have any questions, or require additional information on the contents of this report, <br />please call Timothy Pierce at (303) 642-3893. <br />Sincerely, <br />~~~~~~ <br />Timothy .Pierce <br />EC/RSO - Schwartzwalder Mine <br />cc: Jerry Powers, Manager of Administration <br />Steve Landau, Manager of Environmental Affairs <br />