And since we’re on the subject of tin * * * the mining of this metal is generally associated with rigged markets (once known as cartels), smugglers (the inevitable camp followers of artificial markets) and exotic locales (like Indonesia and Malaysia or the Andes Mountains of Bolivia). As scenic as the Canadian East Coast is, exotic it is not. Nor has it attracted tin smugglers and cartels. But there is a tin mine there, a no-frills operation owned by Rio Algom near Yarmouth, N.S. The East Kemptville mine has had a short, but intriguing, past: It had the misfortune of coming on-stream at precisely the time the rigged tin market came undone. (Goldie’s warnings came too late to be of any use to Rio.) Tin quotes fell from a high of better than $6 per lb (us) to less than $3. After struggling to mine the deposit during the post-crash period, Rio finally relented, handing it back to the bank that held the non-recourse loan on the mine and plant. Lucky bank.
Tin prices eventually popped back to more reasonable levels. Rio went at it again, buying the property back from the bank. Yet even today, the word “turnaround” is studiously avoided in relation to East Kemptville. But according to Technical Editor Patrick Whiteway, who visited the mine in September, it has made giant strides toward profitability. His report begins on page 20.
Goldie and Maiman’s analysis of the copper market begins on page 27. Copper miners might do well to read carefully their report. Editor
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