Printer Friendly

ENERGY BILL ENACTMENT REDUCES ATLAS' LIABILITY FOR ITS URANIUM MILL SITE

ENERGY BILL ENACTMENT REDUCES ATLAS' LIABILITY FOR ITS URANIUM MILL SITE
 DENVER, Oct. 26 /PRNewswire/ -- Atlas Corp. (NYSE: AZ) announced today that "The Comprehensive National Energy Policy Act," which was signed by President Bush on Oct. 24, 1992, could reduce the company's previously anticipated obligations for the reclamation of its Moab, Utah, uranium mill site by over 55 percent because of a provision in the Act which obligates the Government to fund the reimbursement of remediation expenses of uranium mill sites where the waste was generated in fulfilling Government contracts. According to a study done by the Department of Energy, over 55 percent of the tailings at Atlas' Moab site fall into this category.
 The domestic uranium industry was created in the early 1950s to meet national security demands. The Moab mill site operated from 1956 to 1984, when it was placed on standby. Like all uranium producers in the 1950s and 60s, Atlas operated pursuant to contracts with a pricing structure established by the Government. Atlas and the uranium industry have consistently maintained that reclamation expenses were not considered in the establishment of that pricing, and that these expenses represent an unfair burden on producing companies. Consistent with this position, the Government has already taken responsibility for the reclamation costs of sites used exclusively in meeting Government uranium contracts. The uranium remediation reimbursement provision of the new Act validates and extends the Government's obligation in this regard.
 In 1987, the company closed its Moab facility and began preliminary reclamation efforts at the site. Atlas is currently coordinating with the Nuclear Regulatory Commission on a modified reclamation plan for the site and the Moab mill facilities are currently being dismantled and decommissioned.
 Richard R. Weaver, president and chief executive officer, stated, "This legislation is a milestone in the history of Atlas Corporation. The company has spent many years emphasizing the concept of fair play and working ?achieve an equitable government cost-sharing program. I am pleased that Atlas' participation, in conjunction with our Washington law firm Shaw, Pittman, Potts & Trowbridge, contributed to the inclusion of the reimbursement provision. By providing funds for remediation of wastes generated under government contracts, this legislation will greatly reduce Atlas' Moab reclamation liabilities. The completion of this legislative action along with the previously announced closing of the lease agreement on the company's Grassy Mountain and Musgrove Creek properties has made October an excellent month for Atlas."
 -0- 10/26/92
 /CONTACT: Robbin A. Lee of Atlas, 303-825-1200/
 (AZ) CO: Atlas Corp. ST: Colorado IN: MNG SU:


MC -- DV008 -- 4802 10/26/92 12:51 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:429
Previous Article:TRACOR RECEIVES $6.6 MILLION CONTRACT FOR ADVANCED COUNTERMEASURES SYSTEMS
Next Article:INVESTOR'S BUSINESS DAILY AND MERRILL LYNCH TO HOST FREE BUSINESS AND FINANCE SEMINARS
Topics:


Related Articles
ATLAS MILL DECOMMISSIONING CLOSELY MONITORED
ATLAS CONSIDERS LEGAL ACTION ON REQUEST FOR SECOND ENVIRONMENTAL IMPACT STATEMENT ON ITS URANIUM RECLAMATION PROJECT
AMERICAN NUCLEAR CLOSES OPERATIONS
U.S. ENERGY CORP. SUBSIDIARY FILES AN APPLICATION TO OPERATE ITS SHOOTARING CANYON URANIUM MILL
EPA CONDITIONAL APPROVAL RECEIVED
U.S. ENERGY REPORTS ISSUANCE OF JACKPOT MINE PERMIT
U.S. Energy Corp. Work Begins on Shootaring Canyon Mill
U.S. Energy Corp. and Crested Corp. Sign Letter of Intent to Acquire Kennecott's Interest in Green Mountain Uranium Project
U.S. Energy Corp. and Crested Corp. Sign an Agreement to Acquire Kennecott's Interest in the Green Mountain Uranium Project and Will Receive $20...
Atlas Corporation Reports Third Quarter 1998 Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters