Column: Trump 2.0 won’t reverse Biden’s critical minerals push
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January.
Canada’s Hudbay Minerals (TSX, NYSE: HBM) has signed a letter of intent with union leaders regarding the construction of the Copper World mine in Arizona, US.
The development marks marking a key step forward in the development of the copper mine, which is expected to produce about 92,000 tonnes of the metal annually for the first decade of its anticipated 20-year life.
The Copper World mine, near Tucson, is poised to be one of southern Arizona’s biggest non-government-funded mine construction projects. It’s also anticipated to play a crucial role in meeting domestic demand for copper, driven by the expansion of renewable energy technologies and electric vehicles (EVs).
The Copper World mine project would create over 400 direct jobs and up to 3,000 indirect positions, significantly contributing to the local economy. During its first phase, the operation will pay more than $850 million in US taxes and about $170 million in state taxes.
Hudbay and the unions said they are optimistic the agreement will set a precedent for future negotiations, ensuring a harmonious working relationship as the project progresses.
The deal involves the International Brotherhood of Boilermakers, Iron Ship Builders, Forgers and Helpers Local 627; the Labourers International Union of North America Local 1184; and the United Brotherhood of Carpenters and Joiners of America Local 1912.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada).
