The Radiation Program of the Colorado Department of Public Health and Environment has approved a request by Energy Fuels Corp. to defer its remaining …
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The Radiation Program of the Colorado Department of Public
Health and Environment has approved a request by Energy Fuels Corp.
to defer its remaining financial assurance payments for the Piñon
Ridge Uranium Mill until next construction season.
The approval, an amendment to the company's radioactive
materials license, notes that the original payment schedule was
based upon mill construction starting in September 2011. Due to
ongoing litigation, Energy Fuels will not be able to start
construction until at least March 2012.
The amended license reflects a department-approved financial
warranty for decommissioning of the mill in the amount of
$11,070,890, payable on the following schedule:
1. $1,373,900, which was paid by May 6, 2011;
2. $2,898,260 due March 7, 2012 or prior to the start of
construction of facilities included in the decommissioning warranty
estimate, whichever comes first;
3. $6,401,920 due Sept. 7, 2012 or six months after construction
begins, whichever comes first; and
4. $396,810 due March 7, 2013 or one year after construction
begins, whichever comes first.
Energy Fuels already has submitted an $844,400 long-term care
fund that has been deposited with the state treasury. Financial
assurance and long-term care requirements will be reviewed and
updated annually to reflect changing cost estimates for
decommissioning and maintenance after the mill is closed. Cost
estimates are based on a worst-case scenario that assumes a third
party must implement the preapproved decommissioning and
reclamation plan at no cost to taxpayers.
"It's important to note that the financial warranty is for
decommissioning the mill after operation at the end of its useful
life," said Steve Tarlton, Radiation Program manager. "Because
construction has not even begun, delaying these payments poses no
liability to the state or the people of Colorado."
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