Economic turmoil in China has pushed copper prices to a six-year low which is dragging down the share prices of major copper producers including Toronto-based Hudbay Minerals, which is seeking state and federal permits to construct the Rosemont Copper Mine southeast of Tucson.
The precipitous decline in copper prices is expected to delay Hudbay’s decision on whether to construct the Rosemont copper project until copper prices recover, which may be several years.
Hudbay is also facing an ongoing strike by about 180 machinists at its Manitoba mines in Flin Flon, Snow Lake and Reed Lake. The International Association of Machinists and Aerospace Workers Local 1848 walked off the job on May 1 and continues to picket Hudbay’s three Manitoba mines.
The union on Tuesday accused Hudbay of violating Canadian labor laws by forcing non-striking workers to perform the jobs of the striking machinists. Continue reading