Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Trench Camp Mine is located adjacent to AZ Mining’s Hermosa / Hardshell property, 80km South of Tucson.
A Arizona-based environmental group is not not impressed with AZ Mining’s purchase of the 300-acre historic Trench Camp Mine despite a promise to build a water treatment system.
Last month AZ Mining purchased mining claims from the Asarco Multi-State Environmental Custodial Trust. AZ Mining touted the purchase as “greatly enhancing” its existing 154 acres of patented mining claims adjacent to the property.
Last year yellow sludge flowed out of Trench Mine after heavy rains.
AZ Mining, formerly named Wildcat Silver, said it will construct a passive water treatment system estimated to cost US$2.6 million to stop seepage from the 50-year-old underground mine.
The Patagonia Area Resource Alliance says this is the third attempt at remediation at Trench Camp Mine.
“I’m really concerned about the environmental issues that we have with the Trench Mine, and if they’ll actually clean it up,” said Wendy Russell, spokeswoman for the Patagonia Area Resource Alliance in an interview with the Weekly Bulletin.
The group accuses AZ Mining’s CEO of failing to clean up past mine sites.
AZ Mining will assume environmental liabilities relating to the Trench Camp site and will be required to post bond.
4 Comments
observer
What’s the bet mining co’s are dipping into funds intended for enviro clean-up at the end of operations, in order just to keep their heads above water. Governments are becoming increasing uncompromising with enviro issues that get ever hotter. There are many troubles looming on the horizon in this area due to an un-viable gold price.
timH
Here here.
rayban
I shall buy more shares in AZ . If they do not clean up everyone shall know it . This is the internet age . There are no big secrets so wise up . If they do not do the job just go get them . Really , doom and gloom environmentalism is dieing . Just the truth please and leave the liberal doodoo behind .
Mark Harder
Well, I looked at the sludge stream photo, and it certainly was colorful. That article (Oct. ’14) says there were high levels of pH, whatever that means. Presumably the runoff is acidic, equally presumably because lead, copper etc. bodies are sulfides and oxidize to sulfuric acid. Won’t limestone and lime neutralize that? But there’s no mention of what toxic dangers lurk in those waters. In the same photo I noticed that vegetation grows right down to the water. Hmm..