The long, tortuous, no-good existential journey of Montana Tunnels Mining, Inc. through the federal bankruptcy system took a surprising turn last week, preserving the possibility — however remote — that operations of the company’s mine outside Jefferson City could resume after 16 years in limbo.
In an unusually animated U.S. Bankruptcy Court session on Apr. 10, Montana Tunnels (MTMI) was given two weeks to explore the feasibility of a sale of its assets to Mooney Group, a limited liability corporation registered in Florida.
Mooney Group was, according to court proceedings, one of the potential suitors that MTMI had courted in its quest to raise enough capital to meet a $41 million environmental bond payment to the state’s Department of Environmental Quality (DEQ); pay off creditors including, foremost, Jefferson County; and restart its mining activities. The Jefferson City mine, which once produced gold, silver, zinc and lead, has not operated since 2008.
