A major significant copper mine in Canada looks set to move into construction soon.
Hudbay Minerals Inc, a Canadian integrated mining company, is currently developing the Rosemont Mine copper project in Arizona.
In an update to investors, Hudbay said that it will be ready to start construction at the site next year following the approval of a final permit that is currently under negotiation.
“Copper prices are now in the range we have said is necessary to build the project. We anticipate being able to fund construction of the project” the company said in a statement.
Hudbay Minerals is targeting a mine production start for 2022.
The Rosemont mine is an open-pit copper/molybdenum/silver porphyry/skarn deposit located in Arizona.
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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.
In the mine’s first 10 years of operation, annual copper production would average 280 million pounds.