Kennecott Utah Copper's Bingham Canyon Mine Collapsed

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Oh wow. Glad to see that no injuries were reported. They've got a huge operation going there. As much as it impacts gold and silver mining, it's likely going to have a huge impact on copper too.
 
The slide occurred wed night,the boyz knew the extent of the damage thurs.
Hence the thur and fri smackdown.
 
Right.....smackdown shortages...

Um..I'm going back to school to slap the shit out of my economics professor.

Supply/Demand is bullshit!

heehee

-Q
 
Did a search on CNN=nothing.
Searched CBS=nothing
Searched NBC= Small article 2 graphs long,no mention of supply issues.

Silver Docs comes out with story 3 days after slide happens.

Harvey,nothing.
Zerohedge search=nothing.

Ya think this would be kind of a big story but 10% loss of domestic supply aint nothin to worry about. Crazy.
 
Mineweb had an article on Friday (two days ago):
http://www.mineweb.com/mineweb/content/en//page36?oid=185905&sn=Detail

Sounds like they will have some mining operations continue. It's not clear what the exact impact will be.
 
That's roughly 5% of gobal annual silver mine production or 155.5 tonnes.
That is a big deal.

The road into the pit is totally destroyed:


 
...wow... would love to witness it with my own eyes, from a safe distance! Must've been majestic
 
...delivering "one of these" to the bottom of the pit might take a while, though

"the spice must flow"
 
+1 Mike.

Hahahaha.....Look at that little dot at the bottom of the machine. Oh wait.......that's the operator!
 

http://www.heraldextra.com/news/sta...cle_dfed4629-c725-55a6-934c-b168106b9e07.html
 
Revisiting this statement from the Mineweb article referenced above:
... In the meantime, all mining has been halted at Bingham Canyon where ... 279,000 ounces of gold ... were mined last year. ...

279K troy ounces = ~9.5 tons. The mine's annual gold production is roughly equivalent to the amount of gold that the media reports Cyprus is being forced to sell.
 

http://www.mineweb.com/mineweb/content/en//mineweb-fast-news?oid=187911&sn=Detail

So copper production will be reduced by ~61%. Assuming that ratio has a 1-1 correspondence with gold (a byproduct of the copper mining), gold production will fall from 200,000 ounces to ~77,400 ounces.
 

http://www.theaustralian.com.au/bus...-to-cut-100-jobs/story-e6frg9df-1226649894319
 

http://www.mineweb.com/mineweb/content/en//mineweb-base-metals?oid=204807&sn=Detail

Yikes. Looks like the mine is somewhat unstable...
 
wonder what they mean by 'full operations' ?

before the big slip last april or before the latest slip which only effected the clearup crew .... ?

so easy to mislead when using weasel words.
 
I took it to mean the same level of operations as were in effect prior to detecting the ground movement and evacuating the 100 peeps.
 
the grocery manager where I work got back from there last week (I'm not sure exactly where she went, but she went to look at the mine while she was in the area). She dismissed it and said it didn't look very bad. They are running as usual. Sometimes I don't even know how to respond to people.
 
The mine took a huge financial hit with this. I don't even think this was an insurable accident, since an Act of God is usually excluded from consideration or inclusion on insurance policies or agreements. How the hell would you do an actuarial table for a massive landslide? Nope, I think this one they'll have to eat and the stock holders will feel the bite for some time to come, especially with copper looking so "toppy" here. From way up here in the cheap seats, it's looking a lot like the worlds overheated economies such as China, Brazil, Australia et. al., are starting the long anticipated cool-down. Especially china. When shit slows down, and Dr. Copper takes a break, miners and debt holders will feel the pain.
 
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