Mines Re-opening for the BOOM BOOM BOOM - Aussie Stock Forums

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  1. #1

    Default Mines Re-opening for the BOOM BOOM BOOM

    Copper mine re-opens after 40 years
    1:00 PM January 27

    The surging price of copper has encouraged a group of investors to re-open a South Australian mine shut down for more than 40 years.

    The Copley Copper Mine near Leigh Creek in the state's far north was a thriving venture in the early part of the 20th century but closed in the 1960s.

    Now, a new company known as the Leigh Creek Copper Mine has invested more than $3 million to drill for 21,000 tonnes of the mineral.

    Director Colin Malloy says with copper prices reaching record levels, it should be a viable investment.

    "If you read all the pundits around the world, they say 2008 these sorts of prices are very sustainable till then," Mr Malloy said.

    "By that time, we should have put ourselves into a position where a downward spiral to some extent won't hurt us."

    In the past 24 hours, copper has reached a record price of more than $US4,700 a tonne on the London Metal Exchange.

    Source: ABC

  2. #2

    Default Re: Mines Re-opening for the BOOM BOOM BOOM

    Well..is greed really good...people are commenting on the scarring of the beautiful landscape caused by this consortium...is this wise to be doing damage on such an important aspect of the dreamtime landscape??? I wonder if people are really considering the longer term impact on the planet and indeed themselves when damage to sacred landscapes occurs like this..has real traditional (not bribe money) been sought buy the real traditional keepers of the land...how will the landscape ever be restored?? Caution people....the planet will not take too much more of this senseless destruction.

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