Mine charged with safety violations
The U.S. Mine Safety and Health Administration has issued six citations and eight orders to a gold mine in Elko County.
The Elko Daily Free Press reported that it’s the fourth time the Jerritt Canyon Mill was inspected, and cited, this year. The newspaper said a flurry of inspections at mine operations around the U.S. was prompted by a disastrous 2010 explosion at the Upper Big Branch Mine in West Virginia that killed 29 miners. The Canadian Business website reported that the inspections target operations with poor safety compliance records.
The mill received 24 citations in January, 11 in May, and six in August. It is owned by Yukon-Nevada Gold Corp., a Canadian company.
One website, GuruFocus.com, assessed the corporation this week: “Yukon-Nevada Gold Corporation … has broken a lot of hearts lately. Many individual and professional investors have thrown in the towel and sold at a loss. The remaining shareholders are completely exhausted. New potential investors are afraid to buy it.”
The report notes that Yukon-Nevada share prices have gone from 25 cents a share to nearly $10 a share and now have fallen back to 30 cents.
“It became clear that something was seriously wrong with the production process and that the processing plant was in immediate need of winterization and refurbishment. Until major capital improvements are made to the plant, the company will never reach its full potential.”