By Tony Davis | Arizona Daily Star
Rosemont Mine construction is likely to be delayed at least until 2023 because of the federal court ruling against the mine, a company official told investment analysts Tuesday.
While the company plans to appeal the ruling, “We are sort of assuming a restart of construction in 2023,” said David Bryson, senior vice president and chief financial officer for Hudbay Minerals Inc., the company proposing to build the open-pit copper mine southeast of Tucson.
“We think that provides a reasonable allowance for the conclusion of litigation, as well as remobilization in order to sort of get back to a point where we could start construction,” Bryson said, according to a transcript of the conference call with analysts.
The Toronto-based company reported Tuesday that construction delays for the mine in the Santa Rita Mountains forced it to swallow a $242 million impairment charge for Rosemont, reflecting a reduced value.