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 the mountains, the shortest way is from peak to peak: but for that you must have long legs. Aphorisms should be peaks: and those to whom they are addressed, great and lofty.”
—Friedrich Nietzsche (1844–1900)
“To expect to increase prices and then to maintain them at a higher level by means of a plan which must of necessity increase production while decreasing consumption is to fly in the face of an economic law as well established as any law of nature.”
—Calvin Coolidge (1872–1933)