Crow
Silver Member
- Jan 28, 2005
- 3,318
- 9,265
- Detector(s) used
- ONES THAT GO BEEP! :-)
- Primary Interest:
- Other
Gidday Amigos
Gather round pull up a seat when it comes to a buck well spent this one takes the cake.
Here is a yarn ya might like....If only it was yours or even better my buck but it wasn't Alas if only....
It was the bargain of the century a mining exploration lease held by a mining company MIM which at the time concentrating there mining operation of silver lead and copper mining and smelting and refining operations. They also held large exploration leases for a vast areas of north Queensland Australia.
Forced to cut costs to then falling Copper prices was forced to dispose of mining leases as they were obligated by law to be doing some sort of mineral exploration on them. So MIM not wanting to bear the cost of an exploration survey of the lease thought to be worthless, off loaded the lease onto another mining company. MIM wanted to concentrate resources on their Arthur river Copper prospect.
That other company was the company I once worked for in the early 90's CRA which is now Rio Tinto the second biggest mining company in the world. ( Ironic over the years I worked for both companies ) MIM eager to off load the lease to CRA and went through the bureaucratic mining lease transferal process. Which believe it or not it is a legal requirement, when having an still active mining lease active between given dates. One must legally sell the lease for given sum of money. ( You cannot just give it away )
So to satisfy legal requirements a nominated sum must be made for the legal transaction of the lease. It can be any figure.
In this instance the transaction was for 1 dollar.....Yep one lousy buck!
One measly buck to satisfy legal requirements of disposing of an active exploration lease. Thought to be worthless.
CRA then contracted exportation geologist team and drilling contractors for drilling program. Discovered one of the largest zinc silver lead deposits in the world. CRA developed the mine Development of the mine commenced in 1997.The mine began open-pit production in 1999. The mine went through several owners.
During its 16 years of operation, Century was one of the largest zinc mines in the world, producing and processing an average of 475,000 tpa of zinc concentrate and 50,000 tpa of lead concentrate. Mill tailings generated from 16 years of operations from the Century open pit forms a Proven Reserve of 77.3 million tonnes at 3.1% zinc-equivalent, for 2,287,000 tonnes of contained zinc.
The ore was pumped by slurry to the coast and loaded onto ships and sent to zinc Smelters all over the world. The Zinc had a very low iron content which made it a highly sort after Zinc supply.
Total gross financial generation for 16 years of economic stimulation was 6.67 Billion.
( I bet the executive who made that decision to off load the mining lease got his ass kicked )
But like I said there is no better buck well spent than that one.
Crow
Gather round pull up a seat when it comes to a buck well spent this one takes the cake.
Here is a yarn ya might like....If only it was yours or even better my buck but it wasn't Alas if only....
It was the bargain of the century a mining exploration lease held by a mining company MIM which at the time concentrating there mining operation of silver lead and copper mining and smelting and refining operations. They also held large exploration leases for a vast areas of north Queensland Australia.
Forced to cut costs to then falling Copper prices was forced to dispose of mining leases as they were obligated by law to be doing some sort of mineral exploration on them. So MIM not wanting to bear the cost of an exploration survey of the lease thought to be worthless, off loaded the lease onto another mining company. MIM wanted to concentrate resources on their Arthur river Copper prospect.
That other company was the company I once worked for in the early 90's CRA which is now Rio Tinto the second biggest mining company in the world. ( Ironic over the years I worked for both companies ) MIM eager to off load the lease to CRA and went through the bureaucratic mining lease transferal process. Which believe it or not it is a legal requirement, when having an still active mining lease active between given dates. One must legally sell the lease for given sum of money. ( You cannot just give it away )
So to satisfy legal requirements a nominated sum must be made for the legal transaction of the lease. It can be any figure.
In this instance the transaction was for 1 dollar.....Yep one lousy buck!
One measly buck to satisfy legal requirements of disposing of an active exploration lease. Thought to be worthless.
CRA then contracted exportation geologist team and drilling contractors for drilling program. Discovered one of the largest zinc silver lead deposits in the world. CRA developed the mine Development of the mine commenced in 1997.The mine began open-pit production in 1999. The mine went through several owners.
During its 16 years of operation, Century was one of the largest zinc mines in the world, producing and processing an average of 475,000 tpa of zinc concentrate and 50,000 tpa of lead concentrate. Mill tailings generated from 16 years of operations from the Century open pit forms a Proven Reserve of 77.3 million tonnes at 3.1% zinc-equivalent, for 2,287,000 tonnes of contained zinc.
The ore was pumped by slurry to the coast and loaded onto ships and sent to zinc Smelters all over the world. The Zinc had a very low iron content which made it a highly sort after Zinc supply.
Total gross financial generation for 16 years of economic stimulation was 6.67 Billion.
( I bet the executive who made that decision to off load the mining lease got his ass kicked )
But like I said there is no better buck well spent than that one.
Crow
Last edited:
