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aired as they pertained to the proposed amendments. Grand County and the Company over the <br />years have fostered a cooperative relationship to addressing projects, issues and concerns. For <br />example, we have worked cooperatively to reduce the tax burden at the mill site; to develop a <br />cost-sharing program for the maintenance of County Road 3, a crushed gravel source and <br />processing; and are currently working to establish a long term agreement for mill site valuation. <br />The following pazagaphs aze the County's comments regarding the proposed amendments <br />with notations (in red text) that reflect the position of the Company relating to each amendment <br />after the March 5's, 2003, workshop: <br />COUNTY COMMENTS <br />The nexus for the proposed amendments appears to be solely driven by Climax <br />Molybdenum Company, a Subsidiary of Phelps Dodge Corporation's (the "Company") desire to <br />reduce the Financial Warranty as it relates to the required reclamation at Henderson Mine and <br />Mill. Financial Warranty, on its own, is a significant part of the Company's reclamation as it is an <br />amount sufficient to assure completion of reclamation to affected lands if, for example under <br />worst case, the State of Colorado must complete such reclamation due to forfeiture by the <br />Company. The required reclamation when completed must be beneficial to Grand County, just as <br />the mine and mill are an economic benefit. today. However, the benefit of post mining land use <br />will be and is much more of an intrinsic value, rather than financial. To that end, the reclamation <br />must result in a like plant cover that exists in the upper Williams Fork Valley (i.e., lodgepoles, <br />aspens, native grasses and forts, and wetland vegetation), stabilized soils that are comparable with <br />the surrounding forest lands and the protection of water resources; and overall, ensure that all <br />environmental and safety issues are mitigated upon complete cessation of the mine and mill. The <br />reclamation of this mine and mill must not cause environmental impacts or problems for the <br />County or the State as a whole. <br />The Company, within its property boundary, has 3,857 acres that are defined as affected <br />and are required to be reclaimed under their Permit. The present post-mining land use is "Open <br />Forest", which is defined to be an amalgamation of "forest" and "rangeland" uses. This present <br />post mining use mirrors that of the Williams Fork Valley here in Grand County. <br />Amendment one (1) considers deletion of Area 23 (Lost Creek Reservoir) from Permit <br />No. M-77-342. The proposed deletion seems plausible, as the Lost Creek Reservoir site was <br />never developed. Only the approximately 50 acre buffer zone area was compromised or affected. <br />This deletion alone should offer significant financial relief to the Company as per their bond cost. <br />Page 2 of 9 <br />