Climax mine may reopen

Posted by egable on October 26th, 2007 filed in Mining

Freeport-McMoRan Copper & Gold Inc. said Wednesday that it is in the final stages of evaluating the restart of the Climax mine near Leadville. Climax is believed to be the world’s largest, highest grade and lowest cost undeveloped molybdenum ore body.

The initial project, which would involve the restart of open pit mining and the construction of a new mill, would cost $500 million and culd be operational by 2010. Annual production would be approximately 30 million pounds of molybdenum, but that production could double if the company moves forward with a second phase of the project.
The mining giant is expected to make a final decision on the project by the end of year, after it completes its evaluation. “The evaluation is expected to confirm the restart as an attractive economic project,” the company said.