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Old 01-28-2011, 12:50 PM
 
1,742 posts, read 3,104,311 times
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Todays update. RP
Climax seeks 145 workers for open-pit prep (http://themountainmail.com/main.asp?SectionID=4&SubSectionID=4&ArticleID=2148 3 - broken link)
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Old 01-28-2011, 04:40 PM
 
Location: Denver
1,788 posts, read 2,466,698 times
Reputation: 1057
Quote:
Originally Posted by CTC View Post
The tailings have not just been "left there" There is a crew who monitors and maintains the structural integrity of the tails. Also an environmental dept, contractors etc. This is all done under permits by the CDPHE.

Eventually when the reservoir is filled, it will be capped and re-vegged. Already top soil is being stock piled. The foot print of the mine is very small when compared to the greater geographical area.

There is a plan in place to remediate and monitor when the ore is gone. This is how things are done now. When a mine is proposed closure is a very important part of the process. Hopefully all will go according to plan.

You find the time to make 1/10 post/day. Are they working you that hard bro?

How are things at the Henderson? I'm trying to get on at the Climax though either mine would do fine. I've been interested in mining for some time now, have read many Colorado mining books.

Mining made Colorado to a large extent.


Stock is up 50% in past six months:

http://www.dailyfinance.com/quotes/f...?tf=m,6&gran=d

Last edited by JohnHAdams; 01-28-2011 at 05:37 PM..
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Old 02-07-2011, 08:51 PM
 
Location: Denver
1,788 posts, read 2,466,698 times
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High-Priced CEOs: Worth the Money?: James R. Moffett and Richard Adkerson - BusinessWeek

Well....money does not seem to be a problem for Freeport. Interesting that the COB has sold a lot of shares thus week. There are always a hundred possibilities for why someone does that.

If he invests the money in McMoran Oil, that would be very interesting indeed. I would guess that Obama's curfew on off-shore drilling had officially busted. And maybe something inspiring at over 32,000 feet?

I'm trying to become a mining honcho in a few weeks....it would take a decade honestly.

http://www.dailyfinance.com/quotes/f...?tf=m,6&gran=d

The sell has had almost no influence on the price. Their P/E ratio is EXCELLENT. I may invest upon further study.

Last edited by JohnHAdams; 02-07-2011 at 09:44 PM..
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Old 02-09-2011, 01:03 PM
 
Location: Denver
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Recent moves in China have acted to temporarily depress the price for copper, the chief product of mining giant Freeport-McMoran....which took over ownership of the Climax mine when it purchased the huge but staid Phelps-Dodge mining company in 2007.

The markets have not seen any recent volatility in the price for molybdenum which is of particular interest to Colorado mining activity. Henderson (active) and Climax (scheduled to go active in 2011) have the worlds largest known reserves of molybdenum.

The recent sale of shares by the CEO and COB appears to happen bi-annually due to the exercise of stock options.

Freeport (the owner of Climax) is rated as a buy by the majority of analysts as of Feb 8th, 2011. As the owner of the worlds most profitable mine, located in Papua, Indonesia, they are quite literally sitting on top of a "mountain of gold."

As for my previous assertion that there previously existed a 50% ratio of molybdenite sulfide in parts of the area, that quote appears to be wrong. I have re-read "Gray Gold" by Otis King and found that the maximum ratio has been 1% molybdenite sulfide.

For those looking for work, the employer is in a very strong financial position. With active mines in North and South America, Africa, and Indonesia...the company has served to lower its exposure to risk. The primary products are copper, gold, molybdenum, silver, and cobalt. The potential downsides are:
1) The Climax mine area is often quite cold due to the elevation. Mining is hard work and not without risk.
2) Mining is inherently a cyclical industry that depends largely on market supply and demand to determine prices and profitability.
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Old 02-11-2011, 03:47 PM
 
Location: Denver
1,788 posts, read 2,466,698 times
Reputation: 1057
I have an interview next week so have been doing my research. This is of particular interest:

"Twice in recent years, BusinessWeek Magazine has named Freeport-McMoRan Copper & Gold Inc. the most philanthropic company in America, based on total giving as a percentage of revenues."

Horatio Alger | Member Search Results | James R. Moffett

Very impressive! Though I might add that it helps to be sitting "on a mountain of gold."
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