A licensee may provide assurance of the availability of funds
for reclaiming based on obtaining a parent company guarantee that funds will be
available for reclaiming costs, provided that the parent company can
demonstrate that it meets the applicable financial tests identified in this
Section. To pass the financial test, the parent company shall demonstrate it
meets the criteria specified in either subsection (a) or (b) of this
Section.
a) The parent company shall
have:
1) Two of the following three ratios:
A) A ratio of total liabilities to net worth
less than 2.0;
B) A ratio of the
sum of net income plus depreciation, depletion and amortization to total
liabilities greater than 0.1;
C) A
ratio of current assets to current liabilities greater than
1.5;
2) Net working capital and tangible net
worth, each at least 6 times the total current reclamation cost estimate for
all decommissioning activities for which the company is responsible under a
parent company guarantee, a self-guarantee or a commitment to another
regulatory agency (e.g., USEPA);
3)
Tangible net worth of at least $10 million; and
4) Assets located in the United States
amounting to at least 90 percent of total assets or at least 6 times the total
current reclamation cost estimate for all decommissioning activities for which
the company is responsible under a parent company guarantee, a self-guarantee
or a commitment to another regulatory agency (e.g., USEPA).
b) Or the parent company shall
have:
1) A current rating for its most recent
uninsured, uncollateralized and unencumbered bond issuance of AAA, AA, A or BBB
as issued by Standard and Poor's, or Aaa, Aa, A or Baa as issued by
Moody's;
2) Tangible net worth of
at least 6 times the total current reclamation cost estimate for all
decommissioning activities for which the company is responsible under a parent
company guarantee, a self-guarantee or a commitment to another regulatory
agency (e.g., USEPA);
3) Tangible
net worth of at least $10 million; and
4) Assets located in the United States
amounting to at least 90 percent of total assets or at least 6 times the total
current reclamation cost estimate for all decommissioning activities for which
the company is responsible under a parent company guarantee, a self-guarantee
or a commitment to another regulatory agency (e.g., USEPA).
