Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Thompson Creek Minerals has spurned an option with U.S. Energy Corp. to acquire an interest in the Mount Emmons molybdenum project in Colorado’s Gunnison County. According to a story in today’s Globe and Mail, the Denver-based company has decided instead to focus on exploring its Berg property in British Columbia:
Chairman and CEO Kevin Loughrey said the property can potentially expand its molybdenum production while also helping the company’s diversification efforts.
Berg is believed to contain 3.3 billion pounds of copper, 412 million pounds of molybdenum, and 61 million ounces of silver.
The company said it is is also continuing work on the Endako Expansion Project, expected to be completed later this year, and the Mt. Milligan copper-gold mine, which is slated to begin production in 2013.
