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>Sierrita, acquired only last year from Cyprus AMAX, is >one of the most efficient mining operations in the world... >.... Low molybdenum prices and a sharp spike in >energy prices have however made the operation unprofitable. Sorry to hear the news David -- very sad, but not unexpected. The figures suggest that efficiency is being measured in tons per manshift, which looks good on paper, but is often achieved through high capital investment in plant, something that weighs heavily elsewhere in the budget. And personnel costs today are often a smallish part of a total budget. Its that ultimate cash flow that counts, positive or negative Didn't I read recently of a mine in the USA that was closed, incurring a 60 million dollar close down charge. The market reacted immediately. The share price of the parent company went up by 160 million dollars. Not sure that I could have cashed in my stock options on that one with an easy concience -- well, not unless the rest of the workforce had had a real good redundancy package.... Dream on Alan.... Seriously, I'd be interested in what their energy costs are, in dollars per kWh, and dollars per liter of fuel. I would not be surprised to find that this "sharp spike" is still only half what energy costs are in Europe. Alan Alan Trevarthen, Vannes, Golfe du Morbihan, Breizh/Brittany/Bretagne