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Climax Molybdenum <br />A Freeport-McMoRan Company <br />March 3, 2009 <br />Hand Delivered <br />Mr. Allen Sorenson <br />Colorado Division of Reclamation, Mining and Safety <br />1313 Sherman Street, Room 215 <br />Denver, Colorado 80203 <br />RE: 2008 Annual Report, Climax Mine, Permit No. M-1977-493 <br />Dear Mr. Sorenson: <br />Climax Mine <br />HWY 91- Fremont Pass <br />Climax, Colorado 80429 <br />Phone (719) 486-2150 <br />Fax (719) 486-2251 <br />RECEWED <br />MAR 0 3 2009 <br />Division of ReNamation, <br />Mining and Safety <br />Climax Molybdenum Company is submitting its 2008 Annual Report along with check no. 641031 for <br />the required annual fee of $1,150.00. During 2008, Climax commenced the 2010 Project in anticipation <br />of resuming production of the Climax Mine, but due to unfavorable market conditions construction <br />activities have been suspended. <br />The suspension of the Climax 2010 Project activities are being conducted in a controlled and planned <br />manner to facilitate continued care and maintenance activities until favorable market conditions allow <br />for the resumption of construction. <br />The current financial warranty for the Climax Mine is $52,365,000. Climax continues to work with the <br />Division in completing the bonding analysis associated with Technical Revision 14 (TR-14) by April 22, <br />2009. <br />If you have any questions or need additional information, please do not hesitate to contact me at (719) <br />486-7718. <br />Sincerely, <br />Johnny Pappas <br />Climax Environmental Manager <br />Attachment <br />Cc: K. Kloska (w/o Attachment) <br />E. Bower (w/o Attachment)