Toronto-based Hudbay Minerals is presenting a “hypothetical scenario” to investors that its embattled Rosemont Mine could begin copper production in 2022 which would require construction to begin next year on the proposed site in the Santa Rita Mountains on the Coronado National Forest southeast of Tucson.
Hudbay Minerals is telling investors it is financially prepared to begin construction on its proposed $1.9 billion project “soon” after receiving final permitting approval for the massive project that would be the third largest open pit copper mine in the United States and dump waste rock on more 2,500 acres of national forest.
“Rosemont project development is conditional upon receipt of final permits and Board approval,” the company’s January 2018 Investor Presentation states on page 29. Hudbay states it expects to spend $35 million in 2018 on advancing the permitting process, up from $20 million in 2017.
But the company is far from setting a groundbreaking date on the project which has repeatedly been touted to be primed for construction by Hudbay and its previous owner, Augusta Resource Corporation, since 2009.
Rosemont continues to face strong opposition from a Native American tribe, and conservation and environmental groups that have already filed federal law suits (here and here) seeking to block the project. Continue reading