Subscribe for 12 months with recurring billing - $199

Buy 12 months of subscription time - $199

 

Search Silver Prices
Silver Price
[Most Recent Quotes from www.kitco.com] Our RSS Feed

Silver Updates by Mail

Enter your email address:

Follow Us on Twitter
« The Next Time Silver Crosses $30.00 Will Be The Last Time | Main | Time to cut off Europe's club med »
Monday
Jul022012

MOUNTAIN OF SILVER? MINING FIRM SAYS IT'S HIT NEXT GREAT MOTHERLODE OF BOLIVIA

 

POTOSí - In 1670, only two cities in the world had more inhabitants than Bolivia’s Potosí: Paris and London. The Andean city had twice as many people as Madrid, whose population was about 100,000 at the time, about 50,000 more residents than Lisbon, and was roughly on par with Amsterdam, the center of the then nascent global capitalism.

What was the secret of Potosí’s success? Silver – quite literally a mountain of it. Legend has it that when family meals were over, locals would throw the silverware out the window rather than bother washing it. Eventually, however, the silver ran out. Poverty settled in. It was a textbook example of an enclave economy, according to Worldcrunch.

Except as chance would have it, Bolivia may have an opportunity to ride that same economic rollercoaster all over again. South American Silver, a Canadian company, estimates that a deposit called Mallku Khota, located north of Potosí, contains some 230 million ounces of silver – worth about $6 billion.

In addition, the site contains some 1,481 tons of indium and 1,082 tons of gallium, valuable ‘rare earth’ minerals used in electronics manufacturing and modern defense systems. Mallku Khota, according to a South American Silver company report, could turn out to be “one of the biggest silver, indium and gallium deposits in the world.” The estimate is that annual production will reach more than 13.2 million ounces of silver during the first five years of production.

But first, some $50 million are needed just to quantify what and how much of the various minerals the site contains. The company faces other challenges as well, particularly in the form of local opposition. Upset about South American Silver’s prospecting efforts, residents from nearby communities took two police officers hostage in May. The conflict was resolved a few days later when Bolivia’s mining minster, Mario Virreira, struck a deal with community leaders. But the accord is fragile: for environmental reasons, two of the area’s 46 communities continue to oppose the mine.

............................

Maybe this is an opportunity for Silver Wheaton to get involved and finance the project?

Regarding www.skoptionstrading.com. We recently closed a trade involving the S&P which generated a profit of 25.61% and was opened just 8 days ago, the charts and stats have now been updated.

Our trading success rate is 91.00%

91 profitable trades out of 100.

Our model portfolio is up 455.14% since inception

An annualized return of 81.15%

Our annual performance figures are as follows:

2009 We made a profit of 23.89%

2010 We made a profit of 158.66%

2011 We made a profit of 40.95%

In 2011 we outperformed:

S&P by 42%

HUI by 53%

Gold by 31%

Silver by 41%

The 2011 Annual Report by be accessed via this link.

 

Also many thanks to those of you who have already joined us and for the very kind words that you sent us regarding the service so far, we hope that we can continue to put a smile on your faces.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. Winners of the GoldDrivers Stock Picking Competition 2007  

If you are new to investment in the precious metals sector then you may wish to subscribe of our FREE newsletters regarding gold stocks, silver stocks and uranium stocks, just click on the links and enter your email address.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (1)

THERE is always somebody that is displaced, or otherwise a champion of life like as it is, and I sympathize, but there is plenty of mountainous terrain there, and not much wealth on the surface, so I think a couple of communities are going to lose this fight to the Potosi' wanabes. We'll see. eh?
Maybe your right to be skeptical, as separating Indium and Gallium could be a problem. Nothing forthcoming that actually speaks to mitigating environmental risks so far. That really is part of the pre-feasibility, and Feasibility Plan they need the money for, and it be would good to see the environment as protected as it would be here.

July 4, 2012 | Unregistered Commentertomt

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>