Thursday, July 30, 2009

Freeport's plans to restart Colorado Climax moly mine still on hold

Phoenix-based Freeport McMoRan Copper & Gold's plans are still on hold for reopening their Climax molybdenum mine in Colorado [right. Credit Ken Lund, Creative Commons]. Fred Menzer, the company's VP for Colorado operations told a meeting of the Summit County Rotary Club that Freeport has spent $200 million since announcing plans two years ago to re-open the mine, but another $350 million is needed to bring that to fruitionm, as reported in the Summit Daily News.

The Climax Mine is regarded as one of the premier moly deposits in the world but the price drop of last year from $30 to $8 per pound brought progress to a halt, although moly prices are now in the $8 - 14 per pound range.

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