Monday, April 28, 2008

Lots of mining news

Resolution Copper - Today's Arizona Republic carries a prominent story about the Resolution copper mine's positive impact on the economy of Superior. The comments from readers, posted online, include a disturbing theme of xenophobia that seems to be growing. A number of diatribes are posted blasting "foreign" or "British" owned companies for investing in Arizona in hopes of making a profit.

And a few weeks ago, David Salsbury took over as President and CEO of the company, replacing John Rickus.

Rosemont copper mine EIA politicized - Congress-people Raul Grijalva and Gabrielle Giffords are calling for an investigation into the U.S. Forest Services awarding of a contract to SWCA Environmental Consultants to do the Environmental Impact Analysis for the proposed Rosemont copper mine in the Santa Rita mountains. Typically, the feds offer to let the mining company (or other developer) pay for the cost of the EIA if they want to get it done within their lifetimes. Otherwise the federal agency waits until funds can be found in their budgets. But, the USFS rather than the developer, picks the group to do the analysis. Our representatives apparently believe SWCA will not be objective in their study.

Freeport profits up, market hates it - analysts and bloggers at Motley Fool financial site describe the stock market as "exhibiting frequent signs of irrationality and dementia these days" for ignoring copper, moly, and gold-producing Freeport-McMoRan's quarterly earnings of $1.12 billion, or $2.64 a share, more than double the $476 million in the same quarter a year ago. They attribute the increase to the merger with Phelps-Dodge and the high price of copper.

Asarco - bids are due Wednesday to the bankruptcy judge for the sale of Tucson-based Asarco LLC, which is the 20th largest employer in southern Arizona with 2,185 and owns the Mission mine near Green Valley, the Silver Bell mine near Marana, the Ray mine near Kearny and the smelter at Hayden. Asarco's Peruvian mines are estimated to worth $7-8 billion.

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