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July 25, 2001 <br />Page 2 <br />The North Decline Water Handling System contract has been awarded in accordance with <br />requests from the Division. The work is scheduled to be performed in October 2001, contingent <br />upon obtaining the necessary permits from the regulatory agencies. Powderhorn anticipates that <br />the new water handling system will be completed by year end. <br />Regrading of the Cameo Refuse Pile will be partially completed by late Fall 2001. This <br />includes placement of demolition debris at the property. <br />A contract for the demolition and removal of the powerline and substations at the <br />Roadside property was signed by Powderhorn on July 6, 2001, and should be completed by Fall <br />2001. <br />Removal of the Unit Train Loadout has been deferred to accommodate the executed <br />Lodestar agreement to ship coal to TVA at the Powderhorn Loadout. Similarly, Powderhorn has <br />deferred removal of the office complex pending the determination of commercial interest in <br />these facilities. The Division and the Board have been informed of these potentials, and <br />Powderhorn will submit a minor revision to the Division to address these issues. <br />The aggregate value of the above authorized work is estimated to exceed $500,000.00. <br />Upon completion of this work by year end, the cumulative reclamation will far exceed more than <br />one-half of the total reclamation obligation. The remaining reclamation obligation, with <br />exception of CRDA-1 scheduled for completion in 2004, will largely be structural demolition. <br />Liti_at1 <ion <br />Counsel for Powderhorn and the Board have initiated discussions concerning the stay of <br />litigation filed by Powderhorn. Powderhorn has agreed to an unopposed extension of time for <br />the Board to Answer. The parties expect that the stay will preclude the need for the Board to file <br />an answer. <br />encl. <br />cc: Cheryl Linden (all via email) <br />Robert Clark <br />Mark Held <br />Dave Berry <br />Mike Jamison <br />14671 I <br />