Laserfiche WebLink
<br />Despite making our best efforts to find alternative <br />customers, we have been unsuccessful to date; no active nego- <br />tiations are ongoing with any customers to supply coal from <br />either or both of the Mines. Nevertheless, we continue to <br />explore all available marketing options as they arise. Since <br />April 1987, we have submitted bids to Texas Eastman, Public <br />Service Company of Colorado, the City of Colorado Springs, <br />Electric Fuels Corporation (Florida Power), Box Crow Cement, <br />Celanese Chemical Company, Inc., Central Power and Light, Ideal <br />Basic Industries, Nevada Power, and Calaveras Cement Company. <br />All of these bids have been rejected. <br />The Lease is contained in the Roadside Mine. Powderhorn <br />has mined coal from the Lease from December 1982, until opera- <br />tions were suspended in 1986. The recoverable coal reserves <br />present on the Lease as of January 1, 1984, were tons <br />(see the Bureau of Land Management's ("BIM") letter to <br />Powderhorn dated December 31, 1986, which establishes such <br />amount as the remaining recoverable reserves on the Lease as of <br />the readjustment date). <br />The Lease was subject to readjustment on October 1, 1983. <br />By Notice dated May 17, 1982, the BLM advised the then lessees <br />of record that it intended to readjust the Lease. On October <br />27, 1983, Powderhorn received the BLM's Decision -- Notice of <br />Proposed Readjustment of Lease, accompanied by a proposed lease <br />form incorporating the readjusted terms and conditions to be <br />effective January 1, 1984. Powderhorn filed objections to the <br />- 2 - <br />