In a transaction unique to the mining industry, Colorado Legacy Land, LLC closed on the acquisition of Cotter Corporation’s Canon City, Colorado Uranium Mill and Schwartzwalder Uranium Mine located outside of Golden, Colorado. Colorado Legacy Land, jointly owned by Legacy Land Stewardship PBC (a public benefit corporation) and Alexco Environmental Group (US), Inc., acquired the underlying property and assumed Cotter’s obligations for final site closure, cleanup of the properties, and long-term stewardship of those environmental obligations. A host of Superfund orders, permits, licenses, and regulatory agreements transferred to Colorado Legacy Land enabled this complex transaction.
“Understanding and managing environmental liability was a critical component in the transaction – that is why we selected Partner Engineering and Science, Inc. (PARTNER) to conduct the Phase I Environmental Site Assessment according to the All Appropriate Inquiry and ASTM Standards for us on the 2600-acre Superfund site at the uranium mill and the 600-acre mine site. Partner provided the deliverables well within our transaction timeframe to support the closing” explained Paul Newman of Colorado Legacy Land.
Colorado Legacy Land provided Cotter Corporation with a comprehensive solution that satisfied the US Environmental Protection Agency (USEPA), the Colorado Department of Public Health and Environment (CDPHE), and the Colorado Division of Reclamation, Mining and Safety while allowing Cotter to fully divest the assets.
“From mining sites and landfills to closed industrial facilities, our companies are ideal for the owners of these environmental properties” says Eric Williams, co-founder of Legacy Land Stewardship (www.legacy.land). “Corporate owners of surplus real estate want to concentrate on their core business instead of the perpetual management of non-performing assets.”
Along with focusing on closure and cleanup, Colorado Legacy Land will pursue eco-friendly reuse and redevelopment solutions for portions of the old Cotter properties that can lead to open space/recreation, alternative energy, and residential and commercial uses. With its Public Benefit Corporation roots, Colorado Legacy Land is looking forward to putting portions of the closed mill and mine sites back into the beneficial use of the neighboring communities.
