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C-921 (A LW` <br /> 3451 <br /> C-037277 <br /> Coal <br /> CERTIFIED MAIL SUN 2 1992 <br /> D E C I S 1 0 N <br /> Pitkin Iron Corporation <br /> P.O. Drawer 790 <br /> Glenwood Springs, Colorado 81602 <br /> Notice of Readjusted Lease Terms and Conditions <br /> Preference right coal lease C-037277 was issued effective October 1 , 1962. The <br /> lessee's objections to readjustment of the lease in 1983 were sustained in a <br /> decision by this office dated December 28, 1983, as amended. Federal coal <br /> lease C-037277 is next subject to readjustment of its terms and conditions on <br /> October 1 , 1992. <br /> Notice of intent to readjust coal lease C-037277 was given to the lessee, Pitkin <br /> Iron Corporation, September 28, 1990. As provided in the Mineral Leasing Act of <br /> 1920, as amended (41 Stat. 437, 30 U.S.C. 181 et seq.), the regulations, and <br /> Sec. 3(d) of the lease, we are hereby readjusting the terms and conditions of <br /> lease C-037277. A copy of the readjusted lease is enclosed. The readjusted lease <br /> terms shall become effective October 1, 1992, unless the lease is relinquished by <br /> the lessee prior to that date. <br /> ' The annual rental rate will be increased W$3 per acre or fraction thereof as <br /> provided in the current regulations. <br /> 4J The royalty rates, established by law and by regulations at 43 CFR 3473.3-2, will <br /> be increased to 12'/2 percent of the value of the coal removed from a surface mine <br /> and 8 percent for coal removed from an underground mine. <br /> Upon readjustment, this lease will be subject to the statutory requirements of <br /> section 7 of the Minerals Leasing Act of 1920, as amended (30 U.S.C. 207), and <br /> the regulations promulgated thereunder. See 43 CFR, Subpart 3480, for Bureau of <br /> Land Management regulations governing lease operations. You will have 10 years <br /> from October 1 , 1992, in which to achieve diligent development of this lease. <br /> Failure to place this lease into production or to incorporate it into a logical mining <br /> unit, if practical, will result in termination of the lease. <br /> CODE SURNAME DATE CODE SURNAME DATE CODE SURNAME DATE <br />