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Gold/Mining/Energy : Copper Fox

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biggerbob68

Theotokos

From: louel	11/6/2015 1:01:49 PM
	2 Recommendations Read Replies (1) of 10654

KAMLOOPS, B.C. - The union representing workers at the Highland Valley Copper mine in south-central British Columbia says low copper prices have led to layoffs. Teck Resources Limited (TSX:TCK.A) owns the open-pit mine near the community of Logan Lake. Kyle Wolff of the United Steelworkers local 7619 says the company announced Thursday that it is looking to trim six per cent of its workforce at the mine by early 2016. He says the it's a tough market, copper prices are soft and the mine is looking at cutting production of the metal by 30 per cent next year as the company moves into a different phase of mining. Wolff says language in the contract means non-union contractors will be targeted by layoffs before unionized staff. Company president and CEO Don Lindsay said in an October news release that commodity prices were low, but the company had reduced costs and raised $1-billion in two transactions. (CFJC) The summer drill results at Shaft Creek were very lack luster almost disheartening. 2634 Meters encountering many intervals of low grade copper. 1/3 of hole 1544 had acceptable copper grade with nothing else to support it. Width is unknown and it starts over 1/3 of a Km underground. Au .69 GPT There are 31.103 grams in a troy ounce. So gold would gross $27.70 per ton. without calculating the the cost of removing the overburden of the total pit to access it. Trying to optimize with a smaller target. I would suggest it is not what they had anticipated or were hoping for. As I've said before. Hard to see this as a stand alone project. Combining the fixed infrastructure costs with other same area ventures would make it more palatable. If the work program goes to the end of 17. 2018 before they get to make a decision. that puts the EA permits to 2020 2 years road construction before equipment goes in, then 5 to seven years before production. That's with no hold ups. And no other superior projects present themselves. 2030 ~ ~ ~ 2040 ? Many will be dead before then.

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