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A man looking for gold in Serra Pelada, Brazil, in Aug. 2004, though the open-air pit of the 1980's is now flooded. Many who work there are too poor to leave.
A man looking for gold in Serra Pelada, Brazil, in Aug. 2004, though the open-air pit of the 1980's is now flooded. Many who work there are too poor to leave.
(Nicolas Reynard/NYT)

Once touted miner Colossus seeks sale, bankruptcy protection

The first of what is likely to be more than a few failures of once highly-touted mining companies is official. Colossus Minerals Inc. has served notice that it is seeking bankruptcy protection.

Colossus was once worth $8 a share, a valuation of more than $1-billion. The company ran into no end of problems developing its flagship Serra Pelada mine site in Brazil, and finally ran out of money. Last ditch attempts at saving Colossus (which would have also basically wiped out shareholders) came to nothing.