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Archive for the ‘Investing & Finance’ Category

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Just a short note to alert you to the announcement by Cliff Natural Resources that they plan to close their Bloom Lake Mine in Quebec, and that the estimated cost of closure is up to $700 million.  That is not quiet as much as is estimated for the BC KSM Mine; their closure cost estimate is a clean one billion dollars.   And compare that to the estimated $750,000,000 in bonds posted with BC for closure of all current mines in BC.  Or the billion dollar estimate to close the Giant Mine.  I am told the estimated cost to close the Faro Mine is $600,000,000 but don’t quote me on that. We will watch the unfolding of the news on the cost to close Bloom Lake.  It must surely be cheaper to keep it open indefinitely with a skeleton crew and a glimmer of hope that is will go into full production again sometime in the future.

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Here is the outfall of the Pebble Mine and Mt Polley Mine debacles.  A report on the Seabridge Gold’s KSM Mine in BC.  The report is authored by Salmon Beyond Borders, a coalition of Alaska Native tribal members, commercial, sport and subsistence fishermen, and other groups, in consultation with Earthworks.  The press release is at this link.  The full report is at this link.  Here from the press release on the five key risks associated with the mine: (more…)

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Here is information I received as a comment on a recent blog posting:

California is an anomaly from the perspective that it is only one of 5 or 6 states or territories that do not recognize mining as an engineering discipline; along with Guam, Hawaii, Delaware and a couple of others. The need for being registered is driven primarily by the State Boards. There are several places in the industry where signatures are required: on 10K reports for certification of reserves. This requires a “qualified person” and since there are 20 states that don’t recognize geologists as a profession, then the role may be defined as engineering in some cases. There are a plethora of state and federal mining permits requiring a PE signature. Underground seals must be constructed and signed off by a PE. Roof Control and Ventilation plans and many environmental permits require signatures. As I said, California is one of the exceptions and I really don’t understand why mining is ignored when mining was at the core of the state’s formation. I will say that the lack of recognition by the State has caused some confusion regarding liability and accountability.

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We have just finished the InfoMine Conference on geosynthetics in mining.  I think it was a success although I had better await the evaluation forms before coming to definitive conclusions. The proceedings will be available through the InfoMine e-Store at this link.  In my opinion, this is a magnificent collection of papers on a topic that has long cried for detailed, focussed attention. For the use of geosynthetics in mining is different to the use of geosynthetics in landfills and other civil engineering application.  The mining projects that involve the use of geosynthetics are orders of magnitude larger than any other category of projects.  The challenges are greater: there are few precedents; there are no substantive regulations; and the consequences of use and misuse are greater. (more…)

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The numbers just do not add up. As I read the many sites on the web, I learn that British Columbia has about thirty operating mines. The BC government has about $172 million in closure bonds. Say about five or six million a mine. That seems grossly inadequate to me. I have just finished estimating closure of one mine and it came to nearly $60 million. Does this mean BC should have $1.7 billion in closure bonds? Here are some observations from various websites that may help you ponder this issue. (more…)

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I have lost count of the number of radio stations, newspapers, and magazines that have contacted me asking for opinions on the Mt Polley tailings happenings.  Somehow the email from Adrian Lee of that most reputable of Canadian magazine, McLeans, had a air of intelligence the pulled me into replying.  (I confess to being a regular reader of McLeans.) (more…)

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Here are the stories of the seven dam failures that have occurred since the beginning of 2012. Six are failures of tailings facilities. The seventh is a rockfill dam. The following are extracts from technical papers that I wrote well before the Mt Polley failure. Details of the first three are available at this link. Details of the remaining four are in a paper that I will present at the Tailings and Mine Waste 2014 conference in Colorado in October of this year. (more…)

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