Toronto-based Hudbay Minerals Inc. has announced benchmarks it must achieve before it proceeds with construction of the Copper World/Rosemont mine complex in the Santa Rita Mountains 35 miles southwest of Tucson.
The requirements include a provision that Hudbay must find a joint venture partner willing to invest an unknown amount in the $2.8 billion project. Hudbay bought out a previous joint venture partner in 2019.
The benchmarks also include financial targets requiring Hudbay to reduce long-term debt and increase cash reserves. Hudbay’s strategy also limits debt earmarked to the project to $500 million.
Hudbay Minerals Benchmarks for Copper World/Rosemont
In addition, Hudbay states it must renegotiate a metal streaming agreement where it receives $230 million for mine construction in exchange for long term sales of gold and silver at fixed prices.
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