| | | Hog Clarification; , other than Alahambra. What other mines did Elmer himself as CEO, President or Chairman, bring into operation. I am not aware of any. Being a director on some board does not qualify as being responsible for bringing it into production. Not being nasty. I've researched his bio and simply can't find the other four.
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The 5 mines bit has been touted many times, but I have no idea if it is legit. I'm not sure if it came from CF directly or out of some posters head? I do remember Vette hammering that point, but that doesn't give it any legitimacy... Many have used that phrasing to prove the genius of Elmer Stewart, but it wouldn't surprise me if it was false.
Regarding the waste - do you not think 171 million tons of very likely mineralized rock would have been worth a few more million to prove up? The cost to remove 171 million tons must be quite a sum, if it could be profitably mined instead that should make a big difference to the bottom line? Doesn't seem like just a wash to me. At that time we were trading well north of a dollar, so dilution would be a different story then vs. now.
Just to give some scale to 171,000,000 tons - it would take approx 12,000 freight trains each 7,000 ft long to move it. To me that is a mind-blowingly massive amount of rock to blast, load, move, dump and pile. I think it has to have a very positive effect on profitability? Wouldn't it take years to move it? I don't know, but it seems like a huge, costly undertaking regardless.
I think after what was spent we should have had a rock solid, unassailable BFS without an asterisk for work left undone. |
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