Nevada Gold Mine Changes Hands
AngloGold, the world’s second-largest gold producer, recently announced that it has entered into an agreement with Queenstake Resources USA Inc. to sell its interests in the Jerritt Canyon Joint Venture. AngloGold owns 70 percent of the joint venture and is the operator and managing partner of the Jerritt Canyon mine in Elko County. Queenstake will pay the Jerritt Canyon Joint Venture $8 million on closing, with $6 million in deferred payments and an undisclosed number of additional royalty payments. For the year ended 31 December 2002, Jerritt Canyon produced 237,000 ounces of gold at a cost of $249 per ounce.
Geothermal Plant to Power University Campus
The University Nevada, Reno has signed a 30-year agreement with Advanced Thermal Systems, Inc. (ATS) of Reno that will make its new Redfield Campus the only college campus in the world completely powered by renewable energy. Under the agreement, ATS will build and operate an 11-megawatt Kalina Cycle geothermal power plant adjacent to the new campus, which will provide electricity, as well as hot and chilled water. It will also provide hot water to support university research in areas such as hydroponics and aquaculture. Construction of the Redfield campus in Reno is scheduled to begin in the second quarter of this year. The campus is a cooperative venture involving the university, Truckee Meadows Community College and Western Nevada Community College. ATS hopes to sell excess electricity generated to Sierra Pacific to help the local utility meet growing regional energy needs. There are currently 13 power plants operating at nine geothermal sites in Nevada, which produce about 1.2 million megawatt-hours of electricity annually.
New Title Company Opens in Las Vegas
Southwest Title Company, which started operations in February, is the first locally-owned title company to open in Southern Nevada in nearly 20 years. A full-service title, escrow and loan servicing firm, it provides title insurance, escrow services, loan servicing, foreclosure services and bulk sales (sales of businesses) for all types of commercial and residential real estate transactions. The company has approximately 30 employees filling positions in five escrow units, three title units, marketing and customer service departments, as well as a loan services division. Dale Puhl, a 45-year veteran of the industry, serves as chief executive officer and president of the company. Immediately prior to forming Southwest Title, Puhl was owner/president of Southwest Escrow Co., a full-service escrow company he established in 1993. The Talon Group, a wholly owned subsidiary of First American Title Insurance Co., will serve as principal underwriter for Southwest Title.
Meadow Gold Dairies to Build Nevada Plant
Construction recently began on a $40 million marketing and manufacturing facility for Meadow Gold Dairies, located north of Las Vegas on Interstate 15, near the Las Vegas Motor Speedway. Company officials said the new dairy plant will assist in extending the company’s distribution capabilities into Utah, Nevada, New Mexico, California and Arizona. “Our new Meadow Gold Dairy plant will initially create more than 80 new jobs in the Las Vegas area,” said Susan D. Meadows, vice president and director of marketing. “In addition, we are pleased to bring our full line of milk, cream and cultured dairy products to Las Vegas customers.” Last fall, Meadow Gold Dairies launched an integrated advertising campaign, including billboards and radio spots, to build local brand recognition for its products, which are sold by grocery and convenience stores throughout the Greater Las Vegas area. The new plant is scheduled to open in summer 2004.