In July 2014, Hudbay acquired control of Augusta Resource Corporation and its Rosemont project, an open-pit copper/molybdenum/silver porphyry/skarn deposit located in Arizona. The Rosemont project is located near a number of large porphyry type producing copper mines and is expected to be one of the largest copper mines in the United States, accounting for approximately 10% of total U.S. copper production.
- Ownership: 80%1
- Location: Pima Country, approximately 50 kilometres southeast of Tucson, Arizona
- Property: Approximately 20,100 acres of patented and unpatented claims and fee land
- Primary metals: copper
- Secondary metals: molybdenum, silver
- Contemplated type of mining: open pit
1.Assumes joint venture partners complete buy-in
Rosemont is a copper project located in Pima County, Arizona, approximately 50 kilometres southeast of Tucson. Hudbay's ownership in the Rosemontproject is subject to an earn-in agreement with United Copper & Moly LLC ("UCM"), pursuant to which UCM has earned a 7.95% interest in the project and may earn up to a 20% interest.
The 43 hole confirmatory drill program was completed on time in December with a total of approximately 93,000 feet drilled. A metallurgical test program has commenced with initial results expected in the second quarter of 2015 and final results expected in the third quarter of 2015. Permitting efforts remain ongoing. On February 3, 2015, the Arizona Department of Environmental Quality issued the Clean Water Act Section 401 Water Quality Certification. The remaining required key permits are the final Record of Decision from the U.S. Forest Service and the Clean Water Act Section 404 Permit from the U.S. Army Corps of Engineers.