BASE METALS

Hudbay's Rosemont remains blocked as legal battle set to continue

Hudbay Minerals (TSX: HBM) is facing a fresh setback over its planned US$1.9 billion Rosemont copper mine in Arizona.

Staff reporter
 Hudbay Minerals’ Rosemont copper development in Arizona is stalled

Hudbay Minerals’ Rosemont copper development in Arizona is stalled

The company had slammed what it described as an "unprecedented" court decision in July which effectively blocked construction at the project.
 
At the time it said it would appeal, believing the court had misinterpreted federal mining and forestry regulations for the project, which was opposed by four conservation groups.

However it first asked the court to reconsider the decision on grounds it overstepped its authority but US District Judge James Soto said late on Monday there was no basis to reconsider the earlier ruling which had overturned the approvals for Rosemont, Reuters reported.
Hudbay director of investor relations Candace Brule told the wire service the company was disappointed with the decision and would proceed with an appeal as it studied next steps for the project.

The company had started a $122 million early works programme at Rosemont in March, anticipating a construction decision this year.

Rosemont would produce an average annual 112,000 tonnes of copper over 19 years, according to a 2017 feasibility study.

Hudbay shares had ended the day up 1.8% to C$5.09 but remain towards the lower end of a 52-week range of $3.975-$10.42.

It is capitalised at $1.3 billion (US$0.99 billion).

The miner is due to release its third quarter results on November 11.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.