Proposed copper mine construction likely delayed until 2023
TUCSON, Ariz. (AP) — An official for the company proposing to build an open-pit copper mine southeast of Tucson says construction likely will be delayed at least until 2023 due to a federal court ruling.
David Bryson, senior vice president and chief financial officer for Hudbay Minerals Inc., told investment analysts about the expected construction delay on Tuesday in a conference call, according to the Arizona Daily Star.
The Toronto-based company also says construction delays for the Rosemont Mine in the Santa Rita Mountains forced it to swallow a $242 million impairment charge, reflecting a reduced value.
The $1.9 billion mine project has been in the planning stages since 2005.
But it’s been in legal limbo since a federal judge halted work July 31, a day before its scheduled construction start.
Information from: Arizona Daily Star, http://www.tucson.com