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Article: NEW HOPE AT CLIMAX HIGH MOLYBDENUM PRICES COULD SPARK REOPENING OF MINE.(Business)
- Article from:
- Rocky Mountain News (Denver, CO)
- Article date:
- May 24, 2005
- Author:
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Byline: Gargi Chakrabarty, Rocky Mountain News
News staff writer Gil Rudawsky contributed to this report
After lying dormant for a decade, the storied Climax molybdenum mine near Leadville could reopen - a sign of resurgence in Colorado's mining industry and its economy.
Growing demand for steel, especially from developing economies in China and India, and the skyrocketing price of molybdenum have prompted Climax owner Phelps Dodge Corp. to look into activating the historic mine.
The mine, whose portal sits at an altitude of 11,300 feet, has been operating on a skeleton crew since it ceased production in 1987, aside from a three-month ...