TTM Rescources Pres Says New Mine Would Employ 650 to 800 People
By 250 News
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."