News
Mine owner unable to repay loan
The cash-poor Ouray Silver Mines has been placed into receivership after its parent company defaulted on a $28 million loan intended to launch the Revenue-Virginius Mine southwest of Ouray back into production.
Ouray County District Court Judge Cory Jackson on July 7 granted a motion from Mercuria Energy Group to appoint a receiver who has taken control of Ouray Silver Mines’ property and all of its other assets.
“Because the mine requires ongoing care and maintenance in order to prevent it ex...