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• <br /> ability to produce product from the open pit through the mill <br /> has been actively maintained to allow the mine to remain an <br /> active swing producer (an operation maintained in a ready state <br /> with the ability to come on-line quickly and produce as the <br /> market dictates ) . <br /> Although there appears to be a future for the primary molybdenum <br /> mining industry and the Climax Mine, that future will be subject <br /> to the world economy and the world market for the product. In <br /> addition, the ability to operate competitively on a highly <br /> efficient smaller scale will influence the future of the <br /> industry and the mine. Although forecasts for the next several <br /> years would seem to indicate continued weakened demand for <br /> molybdenum products, a turnaround could occur rapidly as evi- <br /> denced by the changes within the primary copper industry during <br /> late 1987 and 1988. Thus, Climax must be prepared to alter the <br /> extent and short-term duration of operations at the mine on very <br /> short notice in order to efficiently meet changes in market <br /> demand for molybdenum. With this change of events , it is <br /> evident that the Mining Plan and the Reclamation Plan sections <br /> of the permit no longer accurately reflect present or probable <br /> future realities at the mine site. Therefore, the decision was <br /> • made by Climax to amend the existing permit to update and to <br /> more accurately characterize the present and probable future <br /> mining operation and to modify the reclamation plan to bring <br /> that plan into synchronization with present and future mining <br /> activities. <br /> This amendment recategorizes and remaps the affected areas at <br /> Climax and proposes a workable schedule of interim and final <br /> reclamation. Based on this recategorization, reclamation costs <br /> and the subsequent proposed financial warranty of approximately <br /> $18 million, have been refined and revised to reflect the true <br /> affected area of 3, 372 acres and the site-specific costs in 1988 <br /> dollars. A comprehensive overview of the Climax reclamation <br /> plan incorporating all elements of this amendment including <br /> reclamation costs has been computerized in spreadsheet format <br /> and included in Appendix D. We propose that this Appendix (with <br /> updates and changes as needed and required) be the future focus <br /> of Climax annual reports and biennial cost analyses. <br /> This Amendment makes changes in the following areas relative to <br /> Rule 2 of the Mineral Rules and Regulations of the Board : <br /> Application Form data, Introduction, and Exhibits B, C, D, E, F, <br /> G, K, and L. Additionally, the section in the existing permit <br /> entitled "Company Sponsored Research" is updated (Exhibit Q) <br /> with the addition of a map and a bibliography of references . <br /> The original exhibits and areas should be maintained as <br /> reference and supplements . Other exhibits and areas of the <br /> permit remain as previously approved and should be incorporated, <br /> as is, into this document as reference. <br /> ii <br />