Yesterday, Save the Scenic Santa Ritas (SSSR), a non-profit environmental organization comprised of ranchers, small business owners and community members opposing the proposed massive Rosemont open-pit copper mine released an Investor Update on Augusta Resource. This Investor Update can be accessed by clicking here.
Augusta Resource, a junior Canadian mining company, is seeking through its Rosemont Copper subsidiary, permits to build a massive open-pit copper mine on 4,000-acres in the Santa Rita Mountains on the Coronado National Forest just south of Tucson.
This Investor Update provides current and potential investors with essential information that the company may not have provided in its investor relations efforts. It is not intended to provide investment advice, but rather to share critical information upon which to base future decisions.
The Investor Update describes important actions concerning Augusta’s proposal, provides an overview of the company and the questionable background of key officers, and identifies unresolved regulatory issues that could block approval of the mine. The information in the update is robustly sourced having been derived from regulatory records, Augusta Resource’s financial filings, and technical reports and various media accounts.
The proposed mine would have devastating impacts on Southern Arizona’s water, air, wildlife and economy and there is unprecedented opposition. Political, business, tribal and environmental leaders have joined with citizens from all walks of life to oppose this project. Their opposition is based on its impacts to the quality of life and economy of both current and future Southern Arizona residents and businesses.
Because of its devastating impacts on the Santa Rita Mountains and threats to regional water resources, BankTrack, a global network that tracks the environmental impacts of the financial sector is closely following the proposed Rosemont Copper mine. Click here to read the BankTrack report on the Rosemont project.
SSSR is a non-profit organization working to protect the Santa Rita and Patagonia Mountains from environmental degradation caused by mining and mineral exploration activities. Our current activities are focused on the proposed Rosemont Copper mine in the Santa Rita Mountains.
There are things we can replace.
And others we cannot.
The very idea of this atrocity is obscene.
Enough is enough – check out Earth’s injuries on Google and these open pit mines are the worst kind of tragedy on all levels.
Go back to Canada
THE INVESTOR UPDATE IS A FINE EXAMPLE OF FORENSIC INVESTIGATING WHERE NO STONE HAS BEEN LEFT UNTURNED . HOPEFULLY , THE ARTICLE WILL FIND ITS WAY INTO THE NEWS MEDIA WHERE THE GENERAL PUBLIC CAN TAKE NOTE . THERE IS AN OVERWHELMING AMOUNT OF EVIDENCE AS TO WHY THE ROSEMONT PROJECT SHOULD NOT GO AHEAD . UNFORTUNATELY , MUCH OF THE PUBLIC THINK ONLY OF THE FINANCIAL BENEFITS THAT A MINE MAY PROVIDE . MINING PEOPLE MOVE AWAY WHEN A MINE CLOSES AND LEAVE THE MESS FOR THE LONG TERM ” PERMANENT ” RESIDENTS OF THE AREA TO DEAL WITH .
THE CREDIBILITY OF THE SENIOR OFFICERS OF AUGUSTA SET THE STAGE FOR THE SAGA THAT IS TAKING PLACE . THIS IS ” HORSE TRADING ” IN ITS FINEST HOUR . IT WOULD BE FAR MORE DIFFICULT TO PULL OFF THIS CHARADE IN CANADA WHERE THE SECURITY REGULATORS WOULD TAKE ACTION AGAINST SUCH MISLEADING REPORTING AS PRODUCED BY AUGUSTA . IT IS OBVIOUS WHY AUGUSTA IS OPERATING IN THE US WHERE REGULATIONS APPEAR VERY LAX OR NON EXISTENT . THE MAJOR FINANCING OF APPROXIMATELY US$900 MILLION HAS YET TO BE CONFIRMED AND THIS SHOULD BE IN PLACE , AT LEAST ACCORDING TO A MOU , BEFORE ANY PERMIT IS CONSIDERED .
IT APPEARS THAT NOTHING THAT AUGUSTA AND/OR ITS OFFICERS PROCLAIM MERITS ANY CREDIBILITY . UNFORTUNATELY , THERE APPEARS TO BE STRONGER FORCES AT WORK AT THE POLITICAL LEVEL WHICH MAY INFLUENCE THE OUTCOME OF THIS SAGA . THE PUBLIC RELATIONS SPIN MASTERS AND LAWYERS ARE THE FINANCIAL WINNERS SO FAR .
AUGUSTA NEEDS THE PERMIT IN ORDER TO SURVIVE . WITH IT , THEY CAN RAISE MONEY AND/OR MAKE DEALS ON THE ROSEMONT PROPERTY AS THE PERMIT BECOMES A BANKABLE DOCUMENT AND EFFECTIVELY CAN SERVE AS COLLATERAL .
A FALLING STOCK VALUE WILL REDUCE AUGUSTA’S FINANCIAL POSITION AND THE VULTURES WILL SOON START TO CIRCLE .THE LONGER IT TAKES FOR THE GOVERNMENT AUTHORITIES TO ISSUE THE NEXT ROUND OF DOCUMENTS , THE BETTER IT IS FOR THE OPPONENTS OF THE ROSEMONT PROJECT .