RE:RE:RE:RE:RE:correctionRegarding the New Elk Mine...
This mine fed the steel industry when the steel was being made 90 miles away. Since the steel maker stopped using met coal, the mine has done nothing. Furthermore, a railroad track used to serve the New Elk Mine...however, the track was removed many years ago, leaving the mine without a viable way to get the coal to market.
Considering these two facts, do you think it makes it easier or harder to get the coal to China? And if you really read the technical report, you'll see the coal is not that fantastic as far as met coal goes.
WF is now cancelling the letter of credit for the reclamation bonding. Do you know of anyone who will post a $3 million dollar bond for this mine? Without propoer bonding, the State mining department will not allow the mine to go forward.
Scam? To investors does it really matter? Most investors were only in it to buy low and sell high...scam or no scam.
But as an operational mine, this operation has HUGE hurdles to overcome, even to become a possibility for future operations. Miracles happen but that is the only hope at this point.