This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CO Board Hears Appeal Of Mine Plan Near Ski Town


DENVER (AP) â¿¿ A group challenging a company's plan to look for molybdenum at an old mining site near Crested Butte is making its case Wednesday to Colorado officials.

U.S. Energy Corp. won state approval last year of a revised plan to build a mine tunnel at Mount Emmons, nicknamed the Red Lady for its reddish soil. The High Country Citizens' Alliance is appealing the decision before the Colorado Mined Land Reclamation Board on Wednesday.

It's part of a yearslong dispute over plans for large-scale mining near Crested Butte, a ski town and mountain biking mecca. The dispute that has lasted through changes in ownership of the site and a failed bid by the group for a review by the U.S. Supreme Court.

The alliance says the mining proposal represents not just prospecting, as state officials found, but development, which requires a more thorough review.

The group also says the state should order the company to get locally required permits before activity begins and to post enough bond to cover costs of water-quality treatment.

The Colorado Division of Reclamation, Mining and Safety says the group hasn't shown that state officials' approval was incorrect, and Riverton, Wyo.-based U.S. Energy Corp. contends Colorado officials' previous decisions should stand.

The alliance argues that U.S. Energy Corp., now working with Thompson Creek Metals Co., already believes Mount Emmons has one of the largest and highest-grade molybdenum deposits in the world, and its proposed activities can't qualify as prospecting.

U.S. Energy Corp. counters that it still doesn't know if it's commercially viable to mine at current prices and industry standards.

Colorado is the country's leading producer of molybdenum, which is used to strengthen steel.

The Mount Emmons site is in the same area as the old Keystone Mine, where lead, silver and zinc was mined until 1969. A plant treats water from the site before it flows to Coal Creek.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs