NEW YORK Augusta Resource Corp. reported a net loss of $9.7 million for 2012 in contrast to net income of $15.7 million the previous year.
The Vancouver, British Columbia-based company is progressing with its Rosemont Mine southeast of Tucson, Ariz., which should begin production in 2015.
In January, the Arizona Department of Environmental Quality granted Augusta an air quality permit, which outlines the operating, monitoring, and reporting parameters the Rosemont project must comply with to meet all federal, state and local air quality requirements. Only one major permit remains.
Augusta estimates that the Rosemont Mines reserves total 5.9 billion pounds of copper and 194 million pounds of molybdenum. The company forecasts an annual production of 243 million pounds of copper and 5.4 million pounds of molybdenum over the mines projected 21-year life.
Once complete, Rosemont will be the third-largest copper mine in the United States, accounting for 10 percent of the nations total production, according to the company.