Augusta Resource falsely claiming “Rosemont has established funding” for proposed copper mine

Posted on April 3, 2013 by admin

Augusta Resource Corp. continues its longstanding practice of providing misleading information to investors in its most recent “Investor Presentation” posted on the company’s website.

Vancouver, B.C-based Augusta, which is seeking state and federal permits through its Rosemont Copper Company subsidiary to construct an open pit copper mine southeast of Tucson, claims on page 16 of the presentation that “Rosemont has established funding” for the $1.23 billion project.

The company emphasizes the point by using red type for “established funding.” Continue reading →

Posted in Deceptions, Investors | 3 Comments

Augusta Resource’s independent auditor warns there is “substantial doubt” over its “ability to continue as a going concern”

Posted on March 26, 2013 by admin

Augusta Resource Corporation’s independent auditing firm Monday alerted investors that the Vancouver-based speculative mining company that is seeking permits to build the Rosemont copper project faces “material uncertainty” about its ability to continue to operate.

The accounting firm of Ernst & Young stated that the combination of a $9.7 million loss in 2012 and projected cash expenditures in 2013 that exceed the company’s reserves, leaves Augusta in a precarious position.

“These conditions…indicate the existence of material uncertainty that raises substantial doubt about the Company’s ability to continue as a going concern,” the firm stated.

Ernst & Young issued the warning under the heading of “Emphasis of matter” in its cover letter accompanying the release of Augusta’s 2012 financial statement. Continue reading →

Posted in Investors | 2 Comments

Rosemont Mine Permitting Process Far From Over

Posted on March 11, 2013 by admin

Contrary to Augusta Resource Corporation’s misrepresentations to potential investors and others that it only needs one more permit to begin construction of the massive Rosemont  Copper mine in the Santa Rita Mountains southeast of Tucson, the Vancouver, B.C.-based junior mining company is far from crossing the regulatory finish line and its future remains very much in doubt.

Mine opponents have filed legal appeals challenging the Arizona Department of Environmental Quality’s issuance of the Aquifer Protection Permit and Air Pollution Permit to Augusta’s subsidiary, Rosemont Copper Company. Continue reading →

Posted in Deceptions | 4 Comments

Pima County will be impacted by more toxic releases if the Rosemont mine is approved

Posted on February 11, 2013 by admin

Sunday’s Arizona Daily Star reports on the increased toxic releases coming from Arizona’s mines.  If the proposed Rosemont copper mine goes into production, Pima County will become even more impacted by the release of toxic chemicals and metals into the environment.

According to the U.S. Environmental Protection Agency’s annual Toxic Release Inventory report, Pima County is currently the fourth most impacted county in the state with 4.6 million pounds of toxic materials released each year. Continue reading →

Posted in Air Quality | 3 Comments

Rosemont Copper mine’s fate may hinge on Jaguar

Posted on January 24, 2013 by admin

The New York Times published a story and photograph today on the impact of the nation’s only known jaguar and the possible development of the massive Rosemont open pit copper mine on the Coronado National Forest southeast of Tucson.

A male jaguar has been photographed several times in close proximity to the proposed copper mine that Vancouver, B.C.-based Augusta Resource Corporation is seeking state and federal permits to build through its U.S. subsidiary, Rosemont Copper Company.

The appearance of the jaguar near the mine site has now given the U.S. Fish & Wildlife Service a critical role in the ultimate fate of the copper project. The Service is in the process of establishing critical habitat for the endangered jaguar. Continue reading →

Posted in Endangered Species | 1 Comment