170 



expenditure as including bleach plant modifications, environmental 

 equipment and facilities modifications, an upgrade of power generation 

 facilities, and a modernization of the chemical recovery systems. 



Given the general description and magnitude of the investment project, it 

 appears that the majority of the investment could be classified best as a 

 major replacement and environmental expenditure. Based on the above 

 review/ of rate of return and project life requirements, it is within the range 

 of expectations to require 15 to 25 years to allow for an adequate return 

 on an investment program of this nature and magnitude. 



