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Gold/Mining/Energy : Solv Ex (SOLVD)
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To: Larry Ricker who wrote (2837)5/12/1997 4:32:00 PM
From: JJB   of 6735
 
Thank you for your clarification. My misunderstanding from comes from my reading of Suncor's accumulated liabilities. Interesting that it's not listed, you'd think 300,000 tons would be there. suncor.com

Also of interest is footnote h
"
(h) Reclamation and environmental remediation costs

Reclamation and environmental remediation costs for identified sites are estimated and charged against earnings when there
exists a regulatory or statutory requirement or contractual agreement, or when management has made a decision to
decommission or restore a site, providing that assessments indicate that such costs are probable and reasonably estimable.

Estimated reclamation costs in the company's upstream operations are accrued on the unit of production basis. Estimated
environmental remediation costs, which are predominantly in the company's downstream operation, are accrued for work at
sites based on assessments which indicate that such work is required.

Costs are accrued based upon currently known facts, estimated timing of remedial actions, and existing requirements and
technology. Changes in these factors may be material and will be recognized prospectively when known. "



Seems the accountants have left themselves open for a restatement of accumulated environmental liabilities. It will be interesting to see what the total cost of this reclamation is. Suncor has scheduled the report for first half 1997 release.

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