Realcent.org

4 million ounces of annual silver supply and 400,000 ounces of annual gold supply have just been landslided. Rio Tinto’s Kennecott mine in Utah- the US’ 2nd largest silver mine and world’s largest copper mine has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin. 10% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…

93_Confirmed wrote:

4 million ounces of annual silver supply and 400,000 ounces of annual gold supply have just been landslided. Rio Tinto’s Kennecott mine in Utah- the US’ 2nd largest silver mine and world’s largest copper mine has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin. 10% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…

http://silverdoctors.com/10-of-us-annua ... vaporized/

“It is one of the top producing copper mines in the world with cumulative production at more than 19 million tons of copper.[2] In 2011, Kennecott produced approximately 237,000 tons of copper, along with 379,000 troy ounces of gold, 3.2 million troy ounces of silver, about 30 million pounds of molybdenum, and about 1 million tons of sulfuric acid, a by-product of the smelting process.”

agmoose wrote:Very interesting, can't wait to see how the markets react......if they do.

Engineer wrote:

agmoose wrote:Very interesting, can't wait to see how the markets react......if they do.

I'm surprised at how little press it's gotten considering that's 15-18% of the US copper supply. Can you imagine how much of a frenzy they'd be in if that much of the corn crop failed, or that much oil got taken off-line?

It'll be interesting to see how CNBC covers (or doesn't cover) the story Monday morning.

agmoose wrote:There are some people who would love a 20% bump in copper prices around here I bet.

Robarons wrote:So this should effect silver supply right and therefore prices?

I see its 10% of US SUPPLY but what does that really mean on a global scale? I am sure the USA isnt a top producer of silver anyways because most silver is bought on the global market from places like Mexico or Russia?

For the example if I read 50% US PLATINUM SUPPLY WIPED OUT because of mine ladnslide I wouldnt care because US Platinum production is likely 2% of the worlds production (with most of it in Russia or South America) so 50% of 2% is only a 1% change on a global scale. Now if you said 50% of Russia's platinum supply got wiped WATCH OUT

Robarons wrote:So this should effect silver supply right and therefore prices?

I see its 10% of US SUPPLY but what does that really mean on a global scale? I am sure the USA isnt a top producer of silver anyways because most silver is bought on the global market from places like Mexico or Russia?

For the example if I read 50% US PLATINUM SUPPLY WIPED OUT because of mine ladnslide I wouldnt care because US Platinum production is likely 2% of the worlds production (with most of it in Russia or South America) so 50% of 2% is only a 1% change on a global scale. Now if you said 50% of Russia's platinum supply got wiped WATCH OUT

Robarons wrote:So this should effect silver supply right and therefore prices?

I see its 10% of US SUPPLY but what does that really mean on a global scale? I am sure the USA isnt a top producer of silver anyways because most silver is bought on the global market from places like Mexico or Russia?

For the example if I read 50% US PLATINUM SUPPLY WIPED OUT because of mine ladnslide I wouldnt care because US Platinum production is likely 2% of the worlds production (with most of it in Russia or South America) so 50% of 2% is only a 1% change on a global scale. Now if you said 50% of Russia's platinum supply got wiped WATCH OUT

Robarons wrote:Thats the math I was looking for

Now it would be nice for said article and mine landslide to spook the markets to the upside, but dont hold your breath

Robarons wrote:Thats the math I was looking for

Now it would be nice for said article and mine landslide to spook the markets to the upside, but dont hold your breath

pennypicker wrote:Top 2011 silver mine producing countries according to The Silver Institute: (millions of ounces)

1. Mexico 152.8
2. Peru 109.8
3. China 103.9
4. Australia 55.2
5. Chile 42.1
6. Poland 40.8
7. Russia 40.0
8. Bolivia 39.0
9. United States 36.0
10. Argentina 22.6
11. Canada 19.1
12. Kazakhstan 17.6
13. India 11.0
14. Turkey 9.4
15. Sweden 9.1
16. Guatemala 8.8
17. Morocco 7.3
18. Indonesia 6.0
19. Iran 3.5
20. Papua New Guinea 3.0

**Truth in numbers...except when associated with Barry Bonds, Sammy Sosa, Mark McGwire, Rafael Palmeiro, Alex Rodriguez, Manny Ramirez etc.......

doug wrote:The mine was closed on the first of april so it looks like it was out of production already.

Doug