Unemployed Miner

United States

#1 Sep 7, 2012
Has anybody heard anything about the mine reopening? Sad to say that I worked there and have not heard a thing from management. I was wondering if there are any unemployed miners living with no income as TK Mine is fighting unemployment benefits...many miners without pay....no promise of return to work...and looking at leaving Trinidad. Anybody?
coal supporter

United States

#2 Sep 16, 2012
Nothing yet someone said there was an article in the news paper about them reopening but I never seen that, I think alot of people have moved on to newer jobs as for us we are stuck, I hope they call my bf back soon cause we are losing hope, and not making any money here.
Just Me

United States

#3 Sep 23, 2012
Here's the latest from the newspaper:

"A Monday press release from Toronto-based Cline Mining Co., which owns the mine, said the layoffs will continue past the expected 60 days announced by the company July 11. The release says that while the company hopes to resume full production, market conditions and other economic factors make it impossible to predict when mine personnel will be called back to their jobs with any degree of certainty."

http://trinidad-times.com/mine-layoffs-contin...
Coal miner

Trinidad, CO

#4 Apr 7, 2013
So does anyone knows what is going on with the mine?
George

Castle Rock, CO

#5 Apr 8, 2013
Mine parent company defaults on interest payment; New Elk future uncertain
By Steve Block, Staff writer, TTi• December 24, 2012
Cline Mining Co., the Toronto-based firm that owns the New Elk Coal Mine, failed to meet a semi-annual,$2.5 million interest payment last week on a $50 million principal amount of 10-percent secured bonds. The impact on the company’s plans to begin mining coal again at New Elk Coal Mine in early 2013 remains unclear.

Cline’s management has been in discussions with Marrett Asset Management, which represents the bondholders, and is currently considering what options might be available to the company, according to a company press release.

Steven Kelly, executive director of Trinidad-Las Animas County Economic Development, said Friday that New Elk would probably need a major infusion of cash from outside investors before it can reach its potential.

“They’re probably going to need some economic mega power to come in and pour millions of dollars into the mine to get it up to speed,” Kelly said.“Market conditions for coal will have to improve, but the potential is certainly there for them to do very well in the future, once things turn around.”
New elk latetest news

Trinidad, CO

#6 Apr 8, 2013
I am hearing that portpool is buying 61% of cline, portpool has till April 10th to make a down payment of $2.5 million and has till April 19th to close the deal with cline and pay a remaining $32.5 million to cline. Portpool especializes in the met coal market in India, I wouldn't be surprised if new elk announces coal sales contracts before the end of the month. Hopefully this deal goes thru without delays and problems and hopefully we get back to work next month...... I would think portpool has something good lined up for new elk to invest $35 million and to own 61% of the company, I hope am not wrong but it's looking better than it has ever been for the company since the lay offs.
Yeah Right

Trinidad, CO

#7 Apr 23, 2013
Don't get your hopes up.
CWM

Denver, CO

#8 May 1, 2013
The deal with protocol fell through on Apr 10th. The New Elk mine lost its only domestic buyer in 1989 after Wyoming Fuel sold the mine. The "new" company/management back the stock piled coal with no buyer in 1991 just like what cline is doing now.

You can't ship coal to china/India and make money.
rich

Minneapolis, MN

#10 Jun 10, 2015
any news on Southwest Chief and the rail line over Reton Pass?
Just Me

Albuquerque, NM

#11 Jun 13, 2015
The latest news is that the entire Southwest Chief may be shutting down over disagreements with the freight train companies that own the track.

http://sangrechronicle.com/news/article_04f22...

The article also has a summary on the route funding.

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