TTM Rescources Pres Says New Mine Would Employ 650 to 800 People

Monday, November 16, 2009 11:14 AM

Prince George- The President and Chief Executive Officer of TTM Resources who are proposing to build a new molybdenum open pit mine south of Vanderhoof, in the Nzako Rd area, says the company feels it can shave off a half billion dollars in investment by going with used equipment.

The project as it now stands, is scheduled to cost 1 billion dollars, and will employ 650 to 800 people when the mine is up and running.

W.K. Crichy Clarke, says we are looking at some used equipment in your area of the province which would cut the cost of the mine by nearly one half.

Clarke appearing on the Meisner show on CFIS Monday, said he has a letter of intent from a Chinese private investor to invest a large sum of money in the project. The investor, who operates a private development company, is seeking approval from the Chinese government to allow him to invest in a project outside of China.

Clarke says if all goes well with the environmental reviews, they would be able to begin construction on the mine in the spring of 2011.

The mine would have a life expectancy of 32 years and would produce 50 to 60,000 tons of ore a day.

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Posted on Monday, November 16, 2009 11:14 AM in News by 250 News

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Comments

Posted by: metalman on November 16 2009 2:48 PM

Hope it goes ahead.
metalman.

Posted by: trackster on November 16 2009 3:03 PM

This would be a true bonus if it goes!..But is it another long awaited convoluted process that will take years? BC has not done well in bringing online new mines.
Rather over the last few years they have been closing down more frequently than opening.
TTM has a good plan in using used equipment, better to use the older stuff that investing in the new in this case.
Could it be the equipment from the BC Moly mine in Alice Arm, or has that been shipped out to some other source.
BC Moly only produced for 3 years until their tax break expired, and then they promply closed the doors on both the Mill and the Town. What a shamefull waste, and all approved by the government of the day.
Should this be the equipment TTM is looking at, it certainly should be in good shape as it was in use for such a short period of time.
Lets hope that this is not just another lip service announcement, as along with suppliers etc., it could equate to triple the jobs predicted.

Posted by: darkken on November 16 2009 3:26 PM

Have they talked to the First Nations yet? Its not the amount of money they have on hand that determines the success/failure of the mine, but how they involve the local bands in the environmental process. If they dont involve them, this mine wont go anywhere, because the FN know how to tie these projects up in court cases, litigation and environmental assessments

Posted by: Andyfreeze on November 16 2009 4:22 PM

Considering how bad the forest industry has been beat up,we will need these mines, even if it will take a while to see them come into production.
With today's technology and environmental controls and standards,mining is going to get a lot more respect in the future, and it should.
What will be the deciding factor is the federal and provincial governments attitude which has been generally bad when it comes to mining in the past.
We are in the process of trying to recover from a huge whack to the economy and it takes jobs to do that.
Any government that starts turning these mines down and killing off potential jobs without a damn good reason, will not be government for long.
That is more rellevant now than ever before.
First Nations may still try to stop it from happening, but they too must operate within the limits of the law and proper legal process.
To stop a mine,or anything else for that matter,they must have a legal right to do so, and they must also follow proper legal procedures and channels.
Simply saying "NO!" is not good enough anymore.
That is particularly true when so many jobs and lives are on the line.
It has much to do with what is good for everyone.

Posted by: LoveTheNorth on November 16 2009 6:06 PM

Let's cross our fingers!