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03/11/2003 13:19 9707253303 GRAND CO BUILDING DP PAGE 03 aired as they pertained to the proposed amendments. Grand County and the Company over the years have fostered a cooperative relationsbip to addressing projects, issues and concerns. For example, we have worked cooperatively to reduce the tax burden at the mill site; to develop a cost-sharing program for the maintenance of Coumy Road 3, a crushed gravel source and processing; and are curicntly working to establish a long term agreement for rnill site valuation. The following paragraphs are the County's comments regarding the proposed amendments with notations (in red text) that retied the position of the Company relating to each amendment a#ter the lvxarch 5'~, 2003, workshop: COUNTY COMMENTS The nexus for the proposed amendments appears to be solely driven by Climax Molybdemum Compairy, a Subsidiary of Phelps Aodge Corporation's (the "Company") desire to reduce the Financial Warranty as it relates to the required reclamation at Henderson Mule and Mi11_ Financial Warranty, on its own, is a significant part of the Company's reclamation as it is an amount sufficient to assure completion of reclamation to affected lands if; for example under worst case, the State of Colorado must complete such reclamation due to forfeiture by the Company. The required reclamation when completed must be beneficial to Grand County, just as the mine and mill are an economic benefit. today. however, the benefit of post mining land use will be and is much more of an intrinsic value, rather than financial. To that end, the reclamation must result in a like plant rover that exists in the upper Williams Fork Valley (i.e., lodgepoles, aspens, native grasses and forts, and wetland vegetation), stabilized soils that are comparable with the surrounding forest lands and the protection o£water resources; and overall, ensure that all environmental and safety issues are mitigated upon complete cessation of the mine acid mill. The reclamation of this mine and mill must not cause eirvironntental impacts or problems for the County or the State as a whole. The Company, within its property boundary, has 3,857 acres that are defined as affected and are required to be reclaimed under their Permit. The present post-mining land use is "Open Forest",,which is defined to be an amalgamation of "forest" and "rangeland" uses. This present post mining use mirrors that of the Williams Fork Valley here in Grand County. Amendment one (1) considers deletion of Area 23 (Lost Creek Reservoir) from Permit No_ M-77-342. The proposed deletion seems plausible, as the Lost Creek Reservoir site was never developed. Only the approximately 50 acre buffer zone area was compromised or affected. This deletion alone should offer significant financial relief to the Compaq as per their bond cost. Page 2 of 9