Silver City – State officials have reduced the bond required for reclamation work at the Tyrone mine in southwestern New Mexico.
The state departments of Environment and of Energy, Minerals and Natural Resources approved the $2 million bond reduction, the fifth in five years for reclamation work at the mine owned by Freeport-McMoRan.
The company's financial assurance for the closure of the Tyrone mine is now $185 million, down from the original amount, which was more than $270 million.
The latest reduction gives Freeport-McMoRan credit for the cost of earthwork, application of cover material and construction of drainage features at what's known as the No. 1 stockpile at the mine.
Some 209 acres of stockpile material and 79 acres of additional disturbance were reclaimed between February 2005 and August 2009.
Copyright 2010 The Associated Press.