Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
Arabian American Development Co (NASDAQ:ARSD), announced over the weekend it has completed construction of the gold, silver and copper mine in Saudi-Arabia which it is developing with Saudi’s Al-Kobra Mining Company (Amak).
The Texas-based company, which owns 37% of Amak, said it will turn the facility over to the Chinese surface operator to begin operations end-November. In July Arabian American Development got a $37m injection from a fund controlled by the League of Arab States. Shareholders in the Nasdaq-listed company saw the value of their investment rise a cool $107m as a result of the transaction and over the last month stock in the 44-year old company has risen 28.5%. The mine in a Yemen border province is the only non-government mine in the Saudi kingdom and is scheduled to begin production early next year.
Nick Carter, President and Chief Executive Officer: “The completion of the construction phase of the mine is a major milestone and signals that we are officially moving into the operating stage. The surface facility operator, China National Geological & Mining Corporation, is currently staffing the facility, training the personnel, and getting ready for the operation, management and maintenance of the surface works of the mine. Between now and November 28th, AMAK will be completing punch list items and preparing the plant to commence operations.”
“Underground development work is approaching the stage where sufficient ore will be produced each day to keep the plant running. Additionally, the trucking, logistics, and marketing efforts are nearing completion. It is exciting to see the package coming together on what is essentially a brand new startup venture. The ore processing facility is a complex mechanical and chemical operation that will have startup glitches seen typically in the industry, however management is doing all it can to prepare for a smooth transition to steady operations. AMAK’s staff and Board of Directors continue to strive toward the goal of operating cash flows beginning in the first or second quarter of 2012.”
Comments
intivar
well good for them!