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|Articles - August 2011|
|Wednesday, July 20, 2011|
By Ben Jacklet
A Canadian mining company is gathering permits and underground data in preparation for developing the first large-scale gold mine in Oregon in decades, as the price for gold hovers at $1,600 per ounce.
Calico Resources, based in Vancouver, BC, has purchased an option to buy mineral rights to the Grassy Mountain site south of Vale, in an unpopulated portion of Malheur County. Calico President William Wagener says the rough plan is to spend three years on exploration and then build a 100-employee operation to remove and process 1,000 tons of material per day. He estimates the company would invest $80 million to $100 million in the project, and he insists that no pollution would be left behind.
“We take great pride in being able to design a mine with reclamation in mind, to operate it in an environmentally responsible manner, and then close it and make it pretty,” Wagener says. “We view this as a matter of pride, to do things right.”
A variety of companies including Newmont Mining, the world’s largest mining company, have spent $33 million exploring the area, and drilling over 400 holes. Low gold prices of $250 to $300 per ounce halted exploration there in the 1990s, but gold prices have risen steadily amid the economic uncertainty of recent years. At the current price, the estimated 924,000 ounces of gold at Grassy Mountain are worth $1.3 billion.
The U.S. is the world’s third-largest producer of gold, behind China and Australia. About 80% of domestic gold is mined in large open pits in Nevada, where loose environmental regulations enabled vast exploitation. Gold was big business in Eastern Oregon from the 19th century through the 1950s, but growing unease about pollution has shut down the industry in recent decades.
Wagener says the strong price for gold and improved mining technology would allow Calico to remove Grassy Mountain gold selectively, without creating a huge open pit and contaminated tailings ponds. The company is planning a 150-acre operation, compared to past plans for an 1800-acre footprint.
“Technology has moved on,” says Wagener. “You can do a lot more with smaller stuff than you could before.”
Wagener expects exploration to last about three years, followed by five to eight years of mining (depending on how much gold they find) and an eighteen-month cleanup that would remove all buildings and cap all disturbed areas. Calico has received approval from Oregon’s Department of Geology and Mineral Industries but still needs to earn permits from the U.S. Bureau of Land Management and the Oregon Department of Environmental Quality.
Wednesday, October 28, 2015
BY AMY MILSHTEIN
Oregon's first generation of food entrepreneurs created a brand based on quality and craftsmanship. Can the second generation sustain it?
Wednesday, September 30, 2015
BY KIM MOORE
Oregon Business magazine’s seventh annual 100 Best Nonprofits to Work For project attracted more than 150 nonprofits from around the state from a variety of sectors, including social services and environmental advocacy. More than 5,000 employees and volunteers filled out the survey, rating their satisfaction with work environment, mission and goals, career development and learning, benefits and compensation, and management and communications.
Monday, September 28, 2015
BY AMY MILSHTEIN
To attract technology companies, the U.S. Bancorp Tower repositions itself as open, light and playful.
Wednesday, October 21, 2015
BY JASON NORRIS | CFA
Volatility reigned supreme over the summer. The old Wall Street adage of, “Sell in May and go away,” was prophetic in 2015.
Monday, September 28, 2015
BY TIM NEVILLE
A Power Lunch at Zydeco Kitchen and Cocktails in Bend.
Tuesday, November 17, 2015
BY LINDA BAKER
The past month has been marked by upheaval in the health insurance markets. I also check in on clients of the Export-Import bank, a federal credit agency that subsidizes, and insures, foreign exports.
Friday, October 02, 2015
BY KIM MOORE
Our intrepid (and expecting) research editor finds the child care search involves long waiting lists, costly fees and no certainty of securing a place before she goes back to work.
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