Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Labour unrest and harsh winter conditions forced Cerro Grande to shut down the mine and operations plant for three days. (Image courtesy of Cerro Grande Mining Corporation)
Canada-based Cerro Grande Mining Corporation (CSE: CEG) (OTCQB: CEGMF) has revealed the impact of Chile’s Codelco’s striking subcontract workers at it Pimenton copper and gold mine, located in Central Chile..
According to the Toronto-based junior, protestors hijacked a one of the company’s truck, which was waiting at a rail crossing to go to the mine, stealing a load of timber for feeding their fires on the road.
These events interrupted both the shipments of copper concentrate and gold dore as well as the shipment of fuel oil into the operation, Cerro Grande noted.
To make things worse, the area was shortly after hit by a winter storm that dumped about 2.60 meters of heavy wet snow. The weather conditions forced Cerro Grande to shut down the mine and operations plant for three days until August 18th when the road was partially reopened.
The company added that the events adversely impacted operations at its Pimenton mine and will have a negative impact on the Cerro Grande’s earnings in its fourth fiscal quarter ending Sept. 30, 2015.
