ORC (Oregon Resources Corporation) is the sole asset of an Australian company, IDM International Limited. According to June 2012 fiscal year end reports the company has breached seven conditions of its project facility loans that include inadequate debt service cover ratios and sales below the minimum 80% of projected revenue. ORC has not made royalty payments as per terms of its royalty agreements and shows $43 million in debt compared to just $2.5 million in assets and the suspended all stock trading the 5th of October. The company auditor, Ernst & Young, concludes “there is material uncertainty whether the consolidated entity will continue as a going concern”.

The company and its contractors have amassed dozens of violations and penalties during their work on the Seven Devils Mine site and have yet to begin reclamation. Nevertheless, the commission will hold public hearings regarding a transferable/assignable surface use lease for 465 acres of county forest beginning November 26, 2012. Why the would even consider engaging in a speculative business with a clearly unstable company is anyone’s guess but today Messerle muttered something about “balancing risk”??? Someone else suggested he risk his own land at $25 per acre per year and see how the reclamation goes before tying up county forest to an Australian bank.