[Ed. Note: Today Andy Hoffman sent us this note about the land slide: “Kennecott could be out of commission for months – if not years. And by the way, it’s not just a silver mine; but a MASSIVE porphyry structure – responsible for 25% of annual U.S. copper production, 23% of its molybdenum, 10% of its silver, and 7% of its gold. In other words, I cannot be more emphatic about the negative ramifications on GLOBAL metal production of such a mining CATASTROPHE…”]
It’s going to take an extra 400 – 500 million ounces of PAPER silver a year to make up for Rio Tinto’s lost supply of 4 – 5 million ounces of PHYSICAL silver/year.
from Silver Doctors:
Up to 5 million ounces of annual silver supply and 500,000 ounces of annual gold supply have just been vaporized in a massive land slide.
Rio Tinto’s Kennecott mine in Utah is the 2nd largest silver mine in the United States and the world’s largest copper mine, and it has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin.
16% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…