Augusta Resource Corporation (AZC.TO) has dropped 8% as it
announced a permitting update on its Rosemont Copper project
following an information session held today by the U.S. Forest
The USFS has indicated that the permitting process is
approximately 90% complete and three major items need to be
completed for the last milestone which is the issuance of the final
Environmental Impact Statement (
) and Record of Decision (ROD). The three items include: the
consultation with the U.S. Fish and Wildlife Service which is
nearing completion; the consultation with tribes and the State
Historic Preservation Office of which the draft Memorandum of
Agreement is under review; and, an update of air quality models
which will be submitted this month. With the issuance of the final
Air Quality Permit by the Arizona Department of Environmental
Quality (ADEQ), which is expected by the end of 2012, Rosemont will
be deemed to be in compliance with the required federal and state
Augusta has reviewed the work that still needs to be completed
with the USFS, and expects that the process for the issuance of the
final EIS and ROD can be concluded within 60 to 120 days.
In addition, the issuance of the Army Corps of Engineers (ACOE)
section 404 permit is also required for the construction and
operation of Rosemont. The 404 permit can be done concurrently or
subsequently to the final EIS and ROD.
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