Wednesday, January 5, 2011

Silver boom cannot resurrect mining in Park City

Despite the rising price of silver, Park City's mining days are permanently over, said local expert Keith Droste.

With the price bouncing between $20 and $30 an ounce up from under $5 a few years ago mining companies are ramping up silver exploration around the world, explained Carlos Sanchez, director of risk management for CPM Group, a commodities research and consulting firm. Myriad news agencies including the Wall Street Journal reported last week that mines in Idaho are expanding or reopening in search of silver.

It is unlikely, however, that even if silver reached or beat its all-time high of nearly $50 an ounce, Park City's mines would ever reopen, Droste said. Park Record