Peak Production
By the 1950s many of the original plots had been mined out, and only the richer veins remained profitable. By the mid-1960s most of the mines in the area had closed. Even the main Hollinger eventually closed in 1968.
Gold prices started to rise, inflation adjusted, for the first time starting in the later 1960s, rising to $150 by the 1970s. By the late 1980s this had increased to an average around $400 a troy ounce. Improvements in mining techniques had by this time dramatically improved recovery rates and cost of operation, and a third wave of mines opened. These efforts included reprocessing of the massive tailing piles left by the previous mining efforts.
Most recently many of the remaining plots were acquired by Goldcorp Inc. (Porcupine Gold Mines).
Read more about this topic: Porcupine Gold Rush
Famous quotes containing the words peak and/or production:
“In all things I would have the island of a man inviolate. Let us sit apart as the gods, talking from peak to peak all round Olympus. No degree of affection need invade this religion.”
—Ralph Waldo Emerson (1803–1882)
“Constant revolutionizing of production ... distinguish the bourgeois epoch from all earlier ones. All fixed, fast-frozen relations, with their train of ancient and venerable prejudices are swept away, all new-formed ones become antiquated before they can ossify. All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses, his real conditions of life, and his relations with his kind.”
—Karl Marx (1818–1883)