Sunday, September 26, 2010

Chile Mine Company collapses With The Collapse of the Mine

In today's economy, it is perfectly understandable that the mine company might not be able to withstand all of the expenses necessary to pay for the recovery of the miners and all of the other incurred expenses. The mine company has had its assets frozen after declaring its bankruptcy. The miners still underground now have the problem of unemployment when they return.
   . . . June


Mine collapse in Chile heralds collapse of company:
Albuquerque Express Saturday 25th September, 2010
While 33 Chilean miners remain trapped 2,000 feet underground, the mine that they work for has had its assets frozen after declaring itself bankrupt.

The mining company San Esteban buckled following the collapse of the main access tunnel of the copper and gold mine in which the men are trapped, but was already over US$10 million in debt by that point

Now, the Chilean government wants the mine to pay for the multi-million dollar rescue operations and pay the miners’ salaries.

An appraiser has been asked to step in and assess the company’s assets in order to determine whether it should be allowed bankruptcy protection.

Meanwhile, the rescue of the miners is on track despite a recent technical malfunction, according to Rene Aguilar, a leading engineer on the rescue team.

One of the Schramm T-130 drills sent down to bore a hole large enough for the trapped miners to be pulled up has broken down at a depth of 147 metres.

Aguiler told the BBC that part of the drill’s hammer had broken off, but reassured the miners’ families that work would resume later in the day.

Officials are still looking at early November as the rescue deadline, more than a month earlier than the Christmas timeframe initially suggested.

Read more . . .