Sorry for the new thread but I attempted to post on the first by endurance07 and it did not take. He is correct by the headlinge re: 16%.
This is a new collapse of the Rio Tinto Kennecott mine in Utah.
5 million ounces of annual silver supply and 500,000 ounces of annual gold supply have just been vaporized landslided.
Rio Tinto’s Kennecott mine in Utah- the US’ 2nd largest silver mine and world’s largest copper mine has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin.
At 9.30 pm local time on 10 April 2013, Kennecott Utah Copper’s Bingham Canyon Mine experienced a slide along a geotechnical fault line of its north eastern wall. Movement on the north eastern wall had accelerated in recent weeks and pre-emptive measures were taken to relocate facilities and roads prior to the slide. All employees are safe and accounted for.
Mine operations are currently suspended while experts assess the extent of the slide and impact on operations.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
I have found the recent news and articles on this slide and it is true. With this being a predominant copper mine and silver/gold a by product, where did you see exactly 5 million ozs of silver and 500k of gold will be lost?
Kennecott Utah Copper
Kennecott Utah Copper (KUC)
(Rio Tinto: 100 per cent) operates the
Bingham Canyon mine, Copperton
concentrator and a smelter and
refinery complex, near Salt Lake City,
US. The mine produces copper, gold,
molybdenum and silver. As the
second largest copper producer in the
US (based on 2009 production), KUC
supplies approximately 18 per cent
of the nation’s annual refined
This would seem to support the 16% number but this is related to copper.
From another link to their site silver production at Kennecut was about 3.2M oz's in 2008.:
(2008)Kennecott Utah Copper, North America 100% Gold (refined) 303,000
Silver (refined) 3,252,000
(2008)Bingham Canyon, North America 100% Gold 368,000
The headline would seem to be somewhat disingenuous.