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<br /> The subjective evaluation of mineral deposits becomes even <br /> more vague when the economics of supply and demand are out of <br />' <br /> balance. The demand for dolomite as a metallurgical element <br /> is currently non-existant. As a construction aggregate, <br /> there is simply inadequate demand to justify owning <br />' 30,000,000 tons of reserves. These factors limit any <br /> investment value of the deposits. <br />1 <br /> Considering only the land value, positive factors most <br />' affecting value include: proximity to an urban center, <br />~ location adjacent to Royal Gorge Park and the Arkansas River <br />' <br /> and visibility from U.S. Highway 50. Negative factors <br />' include lack of direct access, large size, lack of utilities, <br /> steep topography and reclamation costs associated with recent <br />' quarry activity. <br />' Consequently, my opinion of the value of the land is slightly <br />below the mean of the sales data noted. The smaller, <br />' southerly parcel is valued at the same rate. Its smaller <br />' size is offset by steeper topography. This is summarized as <br />follows: <br />', Summary of Land Value <br />536.12 acres @ $450 = $241,254 <br />Say $250,000 <br />' In my opinion, the past quarry activity and current mineral <br />' deposits add some contributory value to the overall property <br />value. Based on the data noted earlier, a reasonable amount <br />is $200 per acre. <br /> <br />17 <br />L~ <br />