Let's all remember why we are invested in SIRG. And Copper is now trading in the $3.60-$3.70 per pound range!
| 9/5/2012 6:01:00 AM Chloride Copper Mine clears regulatory hurdles |
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Up to this point, it's been smooth sailing for Sierra Resource Group, the company set on re-establishing the Chloride Copper Mine formerly known as Emerald Isle, and it anticipates producing its first copper in early 2013. The company recently announced that the Bureau of Land Management accepted its Mine Plan of Operation, which was completed by Paul C. Rizzo Associates, Inc. This formal acceptance allowed Sierra to submit its draft environmental assessment, which was completed by the same firm, in order to comply with the requirements of the National Environmental Protection Act. "We are working closely with BLM on permitting, and the interactive process is positive," said Sierra CEO Rod Martin. "This puts us on schedule." Once completed, the federal side of the permitting process is done, he said. Sierra contracted the firm CDM Smith to handle the transfer and modification of the existing Aquifer Protection Permit, which is handled through the Arizona Department of Environmental Quality. "Sierra is confident in CDM Smith's ability to lead this permit process to completion," Martin said. When all permits are approved, Sierra will be free to complete construction and start production, Martin said. The project is expected to produce nearly 5 million pounds of copper per year once it gets going. Through the process, Sierra managed to locate a mine engineer, who will manage the entire facility, and a metallurgist, who will run the solvent-extraction/electro-winning plant. "Hiring of various positions has begun and the bulk of the staffing requirements will be filled as we get further along in the permitting process," Martin said. Solvent-extraction/electro-winning is a process used to pull copper from oxidized copper ore bodies. "This experience has been terrific," Martin said. "It's gone very smoothly, but in any business there's always going to be hurdles." Copper is trading at about $3.40 a pound, and its future curve should either stay flat or increase slightly due to the increased demand in developing nations, Martin said. "In the long-term," Martin said, "copper mining looks like a good place to be." Though the company has yet to start officially hiring, Martin said people hoping to find employment with Sierra Resource Group's Chloride Copper Mine should send an email containing their résumé, work experience and salary requirements to info@sierragroupinc.com. Martin said the company expects to hire up to 40 people to operate the mine site. |
