The previous management at Rubicon was forced to stop trial mining at Phoenix in 2015, when grades and tonnages recovered were much less than projected.
The Canadian miner's shares have sunk to historic lows in August on news that production from the vast Oyu Tolgoi copper-gold-silver mine in Mongolia could be delayed 16 to 30 months from the original estimate, while the capital cost of the underground expansion could cost another $1.9 billion.