This financial surety is money made available to the state by the company for decommissioning operations, including waste clean-up.
The bond was referred to at recent open houses as a way of addressing public and environmental health concerns. It was also criticized by those who say such bonds fall short of true clean-up costs.
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“We add to the cost they would come up (with) or modify their estimates to account for how the state would go about implementing decommissioning,” said Tarlton.
The estimated amount would include costs of site monitoring, operation shutdown, decommissioning contracts and legal expenses.
The Cotter uranium processing mill within Fremont County has two warranties with the state: one related to its Superfund issues is about $6 million; another warranty for mill operations is around $14 to $15 million.
Before a company receives a license, it is required to provide financial insurance. Regardless of the method, all the money must be directly available to the state, and the amount cannot change without state approval, Tarlton said.
Public hearings are held as part of the licensing application review. Once a license is issued, all items in the financial assurance are annually evaluated and modified, he said.
“We might adjust the amount up or down based on what’s happened at the facility during that year,” Tarlton said.
For example, Energy Fuels is proposing to build several enclosures for storing radioactive waste produced by the mill. The act of closing these cells, if approved by the state, could reduce the company’s financial warranty “because a potential problem has been eliminated,” he said.
“We try very hard to keep those financial sureties amount current throughout the life of the license.”
Another requirement of the licensing applicant is to complete a year of baseline monitoring to collect data on current qualities of air, surface and ground water, said Tarlton. Energy Fuels is currently working on monitoring its proposed mill.
The formal review process does not start until the company submits its application, which it has publicly stated it plans to do at the beginning of next year, Tarlton said.
DPHE has a little less than 15 months to review the application and make a decision on it. This timeframe cannot be delayed.
For more information on the licensing process and requirements, visit: www.cdphe.state.co.us/HM/rad/index.htm
Contact Lisa Huynh at lisah@montrosepress.com
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