Mountain Studies Institute (MSI); 2018 Silverton Innovation Expo; Silverton, CO August 28 to 30, 2018; Paul Newman presentation entitled “Ownership Innovation for Long-Term Stewardship of Environmentally-Challenged Mining Properties.”
National Mining Association (NMA); 2018 Uranium Recovery Workshop; Denver, CO June 4 and 5, 2018; Paul Newman presentation entitled “Divestiture of Environmentally-Challenged Uranium Mill/Mine Properties Requiring Long-Term Stewardship.”
Society for Mining, Metallurgy and Exploration (SME); New York City Section; 6th Annual Current Trends in Mining Finance Conference; New York City April 29 to May 2, 2018; Paul Newman presentation entitled “Divestment of Environmentally-Challenged Closed Mine and Mill Properties.”
Colorado Environmental Management Society (CEMS); 2017 Fall Conference; Denver, CO October 10, 2017; Paul Newman presentation entitled “Long-Term Stewardship of Environmentally-Challenged Properties with Little or No Underlying Value.”
Society for Mining, Metallurgy and Exploration (SME); Central Wyoming Section; U2017 Global Uranium Symposium; Casper, WY August 21 – 25, 2017; Paul Newman presentation entitled “Long-Term Stewardship and Ownership of Environmentally-Challenged Closed or Abandoned Mining/Milling Properties.”
American Bar Association (ABA); Section of Environment, Energy, and Resources; “Handling a Brownfield Headache: What do I do with a property which has no value?” Webinar held June 14, 2017. Eric Williams – Panelist.
Colorado Legacy Land, a jointly owned company between Legacy Land Stewardship PBC and Alexco Environmental Group, acquired Cotter Corporation’s Canon City, Colorado Uranium Mill and Schwartzwalder Uranium Mine outside of Golden, Colorado. Colorado Legacy Land was formed specifically for this acquisition, and to assume Cotter’s obligations for closure and environmental cleanup of the properties.
This complex deal allowed Legacy Land Stewardship PBC to continue its mission of providing a secure divestment solution to owners of surplus, environmentally-impacted real estate that responsibly and permanently delivers sustainable, long-term environmental stewardship. The majority of the 2700 acres at mill and the 580 acres at the mine will be put back into productive use. Consistent with Legacy Land Stewardship’s goals, eco-friendly uses such as solar energy production and open space will be pursued, as well as residential and commercial uses.
The transaction provided Colorado Legacy Land with the funding necessary to assume the ongoing regulatory obligations. Colorado Legacy Land also replaced multiple Financial Assurance and surety instruments necessary to backstop the closure obligations with the regulatory agencies.
Upon closing the transaction, Colorado Legacy Land immediately took ownership of and began complying with the host of permits, licenses, and regulatory agreements transferred to Colorado Legacy Land (see side bar).
Technical challenges to be addressed include ongoing treatment of uranium in mine water at Schwartzwalder, closure of uranium tailings impoundments at the mill site, as well as remediation of uranium and other constituents in soil and groundwater. The Canon City Mill is a Superfund site listed on the National Priorities List, which increases the complexity of cleanup.
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Public Benefit Corporation formed for the least desirable surplus environmental sites
DENVER, CO (July 14, 2016) – Legacy Land Stewardship PBC is a new company specifically created to provide a secure divestment solution to owners of surplus, environmentally-impacted real estate that responsibly and permanently delivers sustainable, long-term environmental stewardship, and seeks eco-friendly reuses for public benefit. As a Public Benefit Corporation, Legacy Land Stewardship can now effectively balance important environmental and social responsibilities with those necessary long-term custodial obligations.
Long-time brownfield and environmental risk experts Eric Williams and Paul Newman formed Legacy Land Stewardship PBC for the great majority of brownfield sites that don’t have development or reuse potential. “Up to 80% of brownfield sites nationwide don’t have enough underlying value to overcome the cost and risk of redevelopment”, Founder and President Eric Williams explains. “Investors and developers have no interest in these sites, and until now there’s been no solution for their long-term ownership and stewardship.”
Legacy Land Stewardship PBC caters to owners of surplus properties where cleanup is substantially complete, but long-term environmental obligations remain. “From mining sites and landfills to closed industrial facilities, Legacy Land Stewardship PBC is ideal for the owners of these environmental properties” says Founder and Executive Vice President Paul Newman. “Corporate owners of surplus real estate want to concentrate on their core business instead of the perpetual management of non-performing assets”.
Transferring a portfolio of such sites to Legacy Land Stewardship allows an owner of surplus properties to:
- Clean up its balance sheet
- Eliminate recurring and indefinite yearly expenses
- Focus on profit generating aspects of its business
- Shed environmental liability
- Re-focus internal personnel on core business activities
- Benefit from positive socially responsible and eco-friendly public relations
Contact Founders Eric Williams (Eric@Legacy.Land; 303.521.5805) or Paul Newman (Paul@Legacy.Land; 303.808.8492) for more information.