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The Arizona Daily Start reported that the Rosemont copper mine, owned by Hudbay Minerals (TSX:HBM), is facing delays in construction due to low copper prices.
The Arizona Daily Start reported that the Rosemont copper mine, owned by Hudbay Minerals (TSX:HBM), is facing delays in construction due to low copper prices.
As quoted in the publication:
Hudbay Minerals Inc., the Toronto-based company proposing to build the mine, has cut the value of the Rosemont project on its balance sheet by $114.5 million because of the copper prices and expected delays in mine construction, the company said in a recent news release.
The Rosemont delay seems fairly indefinite, since Hudbay won’t say when it hopes to start construction, at an estimated $1.5 billion cost, or what copper price it needs to justify construction. But Hudbay predicts favorable economic conditions to return “sooner rather than later,” an outlook not shared by all industry experts.