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.
Augusta Resource Corp. (TSX/NYSEAMEX:AZC) jumped more than 10% on Monday after announcing it has received an air quality permit from the Arizona Department of Environmental Quality (ADEQ) after the permit for its Rosemount project was originally denied.
Augusta’s Rosemont Copper project near Tucson, Arizona now meets all federal, state and local requirements by operating with enhanced emissions controls at the mine site.
By early afternoon the miner was trading up 10.7% at $2.26 on the NYSE AMEX, after earlier spiking to $2.30. The Toronto TSX was closed on Monday for a public holiday in Canada.
After being hammered following the earlier denial of the environmental permit, Augusta has now added 24% in value to $325 million over the last month after analyst upgrades and an updated pre-feasibility study. The counter is still showing losses for 2012 – it is down 27% year to date.
According to the Rosemount update released last month, mine construction and commissioning is pegged at $1.23 billion of which $113 million has already been spent with planned production scheduled for 2015.
At full tilt Rosemont could account for about 10% of annual US copper output. Silver would be mined as a byproduct over a 21-year-mine life. Rosemont hosts a copper/molybdenum reserve of 5.9 billion pounds of copper and 194 million pounds of molybdenum.
2 Comments
kromero
I think its wonderful im from Tucson and with our depressed economic conditions here in Tucson it will put people back to work form our family’s and our local business as well awesome!!!!!! Remember if it cant be grown it must be mined!!!!!
JoM
How appropriate that the photo used with this article is of racing dogs since Rosemont Mine/Augusta is a “dog” of an investment. This can be determined by reading the Cautionary Statements that follow all Augusta press releases.
“The Arizona Department of Environmental Quality announced Friday that is is PROPOSING to issue a comprehensive air quality permit to Rosemont Copper Company for operation of its open pit copper mine 30 miles southeast of Tucson.” A 60 day public comment period starts Aug. 6 ending Oct. 9th (if the permit is a done deal why would the State be taking comments from the public?)
The hype over this air quality permit is not justified, but being used to gain momentum in elevating the share price for this ill conceived and unwanted mining operation in Southern AZ
The figure of 10% of US copper production from Rosemont Mine is incorrect as the copper is not for US consumption. Rather, it will be shipped to to Asia to be processed. There is no smelter in the US with smelter space for Rosemont’s copper.
As for the silver and gold, silver Wheaton has negotiated the right to purchase at far below market rates, $3.90 oz for silver—-$450oz for gold.