Video: Junior market dominated by ‘the lame, the halt and the blind,’ says Rule
Over two-thirds of today’s junior miners are essentially worthless, says resource speculator Rick Rule.
World’s second largest mining company Rio Tinto (ASX, LON:RIO) has lifted force majeure on shipments of refined copper from its Kennecott unit in the US, 79 days after adopting the measure.
The company, Reuters reports, halted production of refined copper at its smelter at the Utah-based mine on Oct. 8 after a worker was exposed to sulphur dioxide gases at the plant while removing debris from a boiler. The employee died two days later.
Rio Tinto Kennecott accounts for nearly 20% of the US total copper production.
Rio Tinto Kennecott accounts for nearly 20% of the US total copper production, and its iconic Bingham Canyon mine is one of the world’s top producing operations.
Visible from outer space, the Bingham Canyon is the also world’s deepest open-pit mine. First discovered by Mormon pioneers in the mid-1800s, it is over 1.2 km deep, 4 km wide and covers 7.7 km².
A massive slide at the mine almost five years ago slowed, but did not stop, Rio’s plans to extend the mine’s life by another decade, to 2029. The company believes there’s still as much ore in the ground as miners have taken out of Bingham Canyon since it began production in 1906.
It is estimated that the mine has produced more copper than any mine in history – more than 19 million tonnes. Last year, the Kennecott generated 125,800 tonnes of refined copper, about 20% less than in 2016.
Comments
Thomas Henricksen
Greatest copper mine in the history of a country that uses much copper, especially in copper wire, but the future use of solar energy is very dependent on copper.