Saturday, January 23, 2010

Candidate would eliminate AZGS, borrow on Rosemont copper revenues

Gubernatorial candidate John Munger released his budget plan for the state this past week which proposes elimination of the Arizona Geological Survey along with many other agencies as a cost savings measure.

He also proposed 'collaterizing' (i.e., borrowing against) future revenues from the Rosemont copper mine but said this does not mean he actually endorses the mine:
The Rosemont copper mine southeast of Tucson is projected to generate $15.7 billion in state and local tax revenues over its lifetime, if the mine comes into existence. I have not yet endorsed that project and am currently reviewing it carefully. In any case, the community, not the State, will decide if the project advances. Therefore, the inclusions of these revenues should not be construed as my endorsement of the project.
[right, economic impacts of Rosemont copper mine, from the company's website]

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