The Great EPA Levy Saga

A few days ago I asked the Hot Copper Brains Trust if NAG was liable for EPA Levies on its PASS disposal site.  This related specifically to the issue of the true revenue potential of the site.  Much back and forth and fun was had in that thread.

I have taken my question one step further.  I asked the Victoria EPA and here is the result. I kept the question generic to avoid any possible legal limits on their response.

My question:

Victoria EPA response:

If NAG's site falls under the definition of an "EPA licensed landfill site" then I assume the levy applies.  Personally, this has no effect on my valuation on NAG.  My opinion is the current SP is in the ball park of fair value (maybe a little under).  If NAG makes a formal statement contradicting any of this, I will adjust my valuation.