Mine Reclamation Corporation reorganizes
PALM SPRINGS — Mine Reclamation Corporation (MRC), Developer of the Eagle Mountain Landfill Project, announced a corporate reorganization which resulted in the return to MRC of all the stock owned by BFI Riverside Inc. (BFI). BFI was MRC’s majority shareholder.
BFI will continue to provide the required financial assurances to various regulator and governmental agencies as required by existing permits and agreements.
“We are pleased to have this organization resolve” Richard A Daniels, MRC President and Chief Executive Officer stated. “MRC has sufficient funds available which should allow us to compete the lest stages of permitting, continue aggressively marketing and resolve litigation.”
As part of MRC’s reorganization, Kaiser Resources has approved an amendment of its current lease agreement with MRC to allow MRC increased flexibility it moves forward toward the goal of constructing and operating the Eagle Mountain Landfill Project.
The lease modifications include greater flexibility by allowing MRC to terminate the lease within six months of receiving all permits and at anytime upon two years notice as well as providing certain protections to the shareholder of MRC after the reorganization with respect to their right to have a continuing interest in the project if it should ever be acquired by Kaiser. The financial terms of Kaiser’s lease to MRC, including the minimum monthly rent and percentage of royalties, is not affected by this amendment.
“By providing MRC greater flexibility in our lease agreement, we hope to help facilitate development and financing options,” Daniel N Latson, Kaiser’s President and Chief Executive Officer said. “At the same time, we have not altered or anticipated revenue stream nor our commitment to realizing the long-term benefits of this project.”
Discussions regarding this reorganization ban months ago and are unrelated to a recent San Diego Superior Court decision regarding the project’s environmental impact report.
The Eagle Mountain Landfill Project is located in the remote Riverside County desert and is proposed to accept 20,000 tons non-hazardous solid waste per day by railhaul for 78 years. On July 26, 1994 San Diego County Superior Court ruled that six areas of the Environmental Impact Report approved by Riverside County in November 1992 are inadequate and require corrective action.
Following the County’s approval of the EIR, the Eagle Mountain Project had received 17 of the total 20 permits required for the project including the Report of Waste Discharge water quality permit from the Lower Colorado River Regional Water Quality Control Board, 11 of 13 required air permits from South Coast Air Quality Management District, the land exchange Record of Decision and federal certification of the Environmental Impact Study from the Bureau of Land Management, and the Section 7 consultation from the U S Fish and Wildlife Service. The Interior Board of Land Appeals is currently reviewing challenges to the Daiser-BLM land exchange.
Kaiser Resources is an emerging environmental and resource development company pursuing projects that address critical issues in Southern California, including solid waste management, water resources, and property, redevelopment.
Copyright Myers Publications Inc. Sep 02, 1994
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