Kenncott stopped by many issue: legal, markets,stopped by legal issues, huge initial costs, and market conditions........ all of these and not just market conditions are stopping Kennecott,,,, The legal issues have just begun for Kennecott and if they. a multi-billion dollar corp., can't afford to stay in the game.... Aquila which can't pay off its debt if it had to today,,,,, Not looking good there is it for the Aquila Clowns.... Oh, and so much for Quigley's "jobs" incentive to the community... Perfect case of 'BOOM OR BUST'... cycle of mining... Note:
Points; Kennecott says their mine would cost $300MM... that their ore deposit is worth 3-4 Billion dollars,,, By comparision Aquila has already signed away how many percent of their ore body? 10-15%? at least 7% to Inco,,, the State gets their cut,, ,, Then add $300MM for a mine,,, plus the actual day to day mining costs,,, certain litigation by many groups,,,,, LOOKS LIKE A MAJOR OUCH FOR AQUILA!!!
Other points: Thousands against mines of this type: Volcanic Massive sulfide = acid mine drainage.. Continuing legal battles for Kennecott - a large mining company with resources unlike Aquila who owes more $$ than they can pay off... MRT property, etc... PLUS - Kennecott is in the middle of nowhere unlike Aquila which is next to the Menomonee River, HAS NATIVE AMERICAN BURIAL GROUNDS ON THEIR PROPERTY,,, NEXT TO AN AREA OF ENDANGERED AND TREATENED SPECIES,,, THE COUNTY PARK,, and FILLED WITH THOUSANDS OF PEOPLE IN THE SUMMER... HHHMM,,, There's more ... We've been very busy... very,, busy :) J
These real issues surrounding Eagle project resulted in Rio Tinto today announcing that the development of the Kennecott Eagle Minerals Company nickel and copper mine on the Yellow Dog Plains has been deferred indefinitely.
The Eagle permit application has been criticized by experts in the field as being 'worthless' and should be thrown out. The testimony given in the contested case against the Michigan DEQ and DNR proves that these agencies did not follow the law when evaluating and approving the mine permit. Thousands of citizens have signed petitions, written letters, and testified before the DEQ in efforts to bring attention to this project.Rio Tinto has not responded to the overwhelming public protest against Eagle project and remains isolated in London from Some financial analysts speculated the $300 millionEagle Project could have made Rio Tinto's canceled projects list because of faltering nickel prices and delays in starting the mine due to legal challenges over permits, which are continuing.