gold/silver mine shutting down

  1. 963 Posts.
    Good news for us Silver bugs.

    Dow Jones Business News
    Mexico's Penoles To Close Depleted Las Torres Mine
    Monday August 18, 2:55 pm ET

    MEXICO CITY (Dow Jones)--Mexican mining concern Industrias Penoles SA , the world's biggest silver producer, said Monday it will close its Las Torres mine next month because reserves have been depleted.

    In a press release, the company said the mine, 100% owned by Penoles, produces mainly silver and gold concentrate.

    The company said fluctuations in world metals prices have significantly affected mining operations in central Guanajuato state, where Las Torres is situated.

    Reserves at Las Torres, which has operated for 27 years, are no longer economically viable, the company added.

    Penoles said Las Torres processes 600,000 metric tons of ore a year, and that its sales of gold and silver represent less than 2% of the group's total sales.

    The company didn't say how many workers will be laid off as a result of the closure, which is scheduled for Sept. 15, but said it will meet all "labor, financial and environmental obligations."

    Penoles reported production of 15,032 kilograms of gold in the first six months of this year. Silver output in the January-June period was 1,195 metric tons.

    Cheers Ralph
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