Resolution Copper president David Salisbury says the project's 2009 budget is being cut 75% and some number of contract workers laid off. He described it as a stretching out of the project over a longer period of time. The global credit crisis was cited as the main cause. Yesterday, BHP Billiton dropped a merger proposal with Rio Tinto. The two companies are joint owners of Resolution, with Rio Tinto the majority owner and manager. [right, geologic cross section of Resolution deposit. Credit, Resolution Copper]
The Arizona Republic this morning has a good story about the controversial and complex land exchange needed to allow the mine to be developed and the economic impact of what's described as the world's largest undeveloped copper deposit.
This is sad news for those of us who've worked in this district.
ReplyDeleteThings will eventually turn around, but it's like postponing a highly anticipated birthday party.
Thanks for the update!