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• iii iiiiiiiiiiiuiii a GEC MINERALS, INC. FLORENCE, COLORADO 81226 P.O. BOX 225 October 1, 1982 Ms. Carol Russell Reclamation Specialist Mined Land Reclamation Division 623 Centennial Building 1313 Sherman Street Denver, Colorado 80203 Dear Ms. Russell: 303/784-6891 C'.. ' _ 1'32 C CIO. ~;; pi C' ., ~.Cr t.i ilC 30 Ji C6" \ This letter is in reference to the Stipulation written into the final approval of GEC Minerals, Inc, permit, The Stipu- lation requires the submittal of a Performance Bond in the amount of $550,249 within 30 days following final approval of the permit. GEC is currently negotiating ,the bonding arrangements with First National Bank.of Oklahoma City. A series of coal pro- duction projections were submitted to the bank. These pro- jections were based on the addition of a coal auger and a Demag H-111 Front Shovel to GEC's current equipment configu- ration. The equipment has not been delivered and will not be delivered until sometime in October; therefore, GEC has not been able to attain their projected coal production lev- els, Prior to the completion of the negotiations with the bank, it will be necessary for GEC to receive the new equip- ment and increase their coal production to a level that will validate their projections. GEC Minerals, Inc. respectfully requests that the Division reconsider GEC's bonding requirements and extend the Per- formance Bond Stipulation deadline by ninety days. This will give GEC ample time to demonstrate to the bank its ability to achieve the increased coal production levels pre- viously projected. The Division will be receiving a letter from the First Na- tional Bank of Oklahoma City confirming that both parties are negotiating the bonding arrangements in good faith. GEC Minerals, Inc, understands Bond of $391,000 will remain in formance Bond is submitted. Ver jtruly yours!,/%' is J%•' {/i., ~ Douglas/~~Layton~ President GEC MINERALS, INC. that the current Performance effect until the new Per- WDL : DI(