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
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.