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G X B O W P G m E R C O R P O R A? I O :ti' OXBOW MIl~iING, INC. Oxbow Mining, Inc, owns one operates the Sanborn Creek dine near Somerset, Colorado ir. Gunnison and Delta counties. Employing a professional workforce of 177 at the mine, Ox~ow mines and mazkeu approximat_ly 4.0 million tons ptr year of hilt gte.liry Colorado coal. Oxbow first became involved in the area in 1988 through its interest in the Somerset Mining Company. The Sanborn Cree'.<' mine was first developed in ] 991 as a Colorado partrrership between Oxbow and Besr Coa. Company. In l99L, Oxbow rook over the managen:eat of t':e operations and in 1995, Oxbovr became the sole owner of the mining operations. Since 1992, Oxbow has worked to develop a strong, stable, safe and efficient mining operation in the valley. Originally, the opeaation employed appraicimately 50 people. Today, Oxbow employs a total of 177 full tin,: professionals az the mine and another 15 employees at other locations in the valley. As part of an ongoing strateg}• to enswe an efficirnt, viable and safe mining operation, Oxbow recently installed estate-of--the -art ]on;wall mining system. Bey 'gin ] 997, Oxbow began upgrading surface facilities sari obtainm~ all of the required environmental permits necessary to increase production to 4.0 MDR: tons per year. In January, ] 998, Oxbow finalized 556.0 IvLV1 of equipment financing from GE Capital for the purchase and installation of a longwall, the installation of which was completed in August. the lon, va]], which consists of a Mine Technik America face and a ]oy shearer, allows Oxbow to more efficiently recover coal reserves while grovidin~ a safer work rnvirorunent for the miners. Oxbow bas maintained as excellent environmental and safety record since taking over operation in 1992, and bas not received :m environmental "Notice of Violation" in over four years. In 1996, Oxbow was awarded thr, Coal Mine Land Reclamation -Large Underground Mine award by the Colorado Division of DifineraLs and Geology and the Colorado Minim Association, recognising Oxbow's efforts s reclaiming two oId portal sites in Bear and Hubbard Creeks and turning those sites into trail htsds for local reaeatioa In 1497, Oxbow earned the Most Improved Lost Workday Case Incidence Rate awazd from the Colorado Compensation Insurance Authority and the Colorado h]ining Association. Finally, Oxbow makes important economic contributions to the local community and federal, state and local goverrunenu. +?xbow's mining operation pays wages that are significantly hi;},er than the average in the re;ion, and the mine's tax and royalty payments are eonsidtrable. Since 1991, Oxbow has paid more than 512 million in royalties and taxes as a result of operations ai Sanborn Creek. IOVI Fvu~ Pow. Yom. l.ilu 7:,, RJn B,Ti. FL SSYII rrpiwr. ;L!l67r17lu F.: s!!6:lAMlr 9!/% d SSZdShc9S£~C,q/ar:~l 'S/l~ E' co,=?'ful,tiCNl ~fO:~T_Oc~CC c_!dOc 4!C~XC NC~_