An official for the company proposing to build an open-pit copper mine southeast of Tucson says construction likely will be delayed at least until 2023 because of a federal court ruling.
David Bryson, senior vice president and chief financial officer for Hudbay Minerals Incorporated told investment analysts about the expected construction delay on Tuesday in a conference call, according to the Arizona Daily Star.
The Toronto-based company also says construction delays for the Rosemont Mine in the Santa Rita Mountains forced it to pay a $242 million impairment charge, reflecting a reduced value.
The $1.9 billion mine project has been in the planning stages since 2005. But, it's been in legal limbo since a federal judge halted work July 31, a day before its scheduled construction start.