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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Re: Mining in Miami
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Feb 16, 2014 10:08AM

Some words arround underground mining. One of our family members here in Europe is living in a town that was build for the purpose of coal mining Mine started it's production in the beginning of year 1800 (so it was opened a "few" years ago). They are closing it now because the goverment (it is state owned mine) doesn't have the money for the operation (we are talking arround few million EUR/y) and because the leading people of that mine were "washing" the tax payers money with buying mining equipment from a selected person whos company sold that equipment to the mine by a few times higher price. Well, the price difference was "stolen" (tax payers money). The mine is in great place with a lots of coal left but the whole story is really sad. And above that (it's the best part), a few miles away there is a thermal electricity plant which was running for years on that coal. 2 years ago the goverment decided that they will start buying a cole from another country, which was transported to electicity plant with a railway, because it was cheaper??? Give me a break. How can be a coal from another country (with all the transportation costs) cheaper than a coal from a mine a few miles away from which the coal was transported to the plant with conveyor belt. A lot of people will stay this year without the jobs because the goverment and a leading people of the mine "stole all the money" for operating the mine (in addition to the recession) and because and the inability of leadership and self-interest of individuals.

Really sad ending of a 200 y mining story in that town (mainly because there is a lot of coal left underground).

There was interests from a Swiss company, some other guy and Chines. The latter confirmed that there is no other place on earth that the cole mine and thermal electricity plant would be build so close together and with such low operating costs... But there will be now bayout now if i'm not wrong.


Probably this is for off-topic forum but anyway...

and please excuse me for my english

GLTA

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