Risky venture: Copper mining in Milford brimming with high hopes, fears of failure
'Potential payoff is huge' if mineral can be extracted, investors believe
"We want to do everything we can to see that everyone gets a fair shake out of this," Dawson said.
But, he admits, his motives aren't totally altruistic.
Dawson has led the effort to employ geologists, metallurgists and engineers to thoroughly study the land's complex mineralogy, which he said should have been done from the beginning. Like everyone else, Dawson sees the opportunity to make a lot of money.
"This is a risky venture. This is by no means a sure thing," he said. "But the potential payoff is huge."
Abbott, the former chief financial officer at Western Utah Copper who resigned just before the merger with Copper King, said a geologist told him the mine could be 10 times the size of the Kennecott's open pit Bingham Canyon Mine, which at 18.7 million tons has produced more copper than any mine in history.
"There's potentially trillions of dollars down there if this thing is mined for 300 or 400 years," he said.said. "Despite all of our studies we cannot say with a high degree of confidence that any of the deposits can be mined profitably."
Abbott's optimistic guess is that it could be operating as early as 2015.
"I'd be tickled to death," said Sherwood of that possibility.
Though it wouldn't change Milford's middle-of-nowhere locale, it could become a going-somewhere town once again.
Email: firstname.lastname@example.org. Twitter: dennisromboy
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