Resolution Copper to Cut 400 Jobs

Resolution Copper Company has announced that  it will suspend shaft and drilling work at its Superior operation and eliminate about 400 jobs. They say the cuts are the result of continued uncertainty around a proposed land exchange.

The Casa Grande Dispatch reports that the cuts amount to about 75% of Resolution’s workforce. Resolution says it can’t  continue without the land exchange, which would give the company  ownership of 2,400 acres of national forest land.

Opponents say the layoff announcement is a ploy to pressure Congress to pass the land exchange bill.

Those opposing the land swap include conservationists and Native American groups, as well as the Obama administration and many Democratic lawmakers. They say an environmental review should be completed before the exchange is made. They also claim  that under Arizona’s 1872 Mining Law,  the mining company would not have to pay royalties to the US government for mineral rights that could be worth billions of dollars.

Native American groups say sacred lands and cultural artifacts would be displaced by the mine.

DPS Finds Thieves Who Stole Copper from Hayden Mine

The Arizona Department of  Public Safety has found the copper theft organization that was stealing metal from the ASARCO mine in Hayden

ABC15 reports that  DPS stopped a commercial vehicle on Interstate 10 and found about 48 copper ingots  inside the trailer attached to the vehicle. Ingots are large copper plates that weigh about 880 pounds.

DPS also searched a home in Marana and found 54 more copper ingots.

The value of the stolen copper is estimated to be about $300,000.

Video Shows Legacy of Arizona Copper Mining

A new video on the legacy of copper mining and Arizona is on the Arizona Experience You Tube channel.

The Arizona Geological Society staff on the Arizona Experience project produced the video with post-production help and narration by Freeport McMoRan.

Polish Company's Buy Out Bid Includes Carlota

The Polish government-owned mining company KGHM has made a bid to buy out Quadra FNX, including the Carlota copper mine in Miami. The reported price is $2.84 billion.

Last month Quadra FNX announced it will “wind down” production at Carlota because of higher costs and lower ore grades than expected.

Resolution Land Swap Passes Committee

A bill to clear the way for the Resolution Copper mine near Superior was approved yesterday (Wednesday) by the House Natural Resources Committee.

The Arizona Republic reports that the 26 to 19 vote was along party lines. The full House may vote on the measure before the August recess.

The bill would authorize a federal land exchange giving Resolution Copper about 2400 acres in the Oak Flats area of the Tonto National Forest in return for more than 5,000 acres of environmentally sensitive land around the state.

The bill’s sponsor is 1st District Representative Paul Gosar who is on the Natural Resources Committee. But another Arizona Repreesentative Raul Grijalva opposes the bill. He is also on the Natural Resources Committee. Grijalva says the bill threatens sacred Apache lands and could endanger the area’s water supply. Gosar says the mine would bring jobs and revenue to Arizona.

Copper Price Hits Record Highs in London Trading

The BBC reports that the price of copper has hit another record high in London trading. Copper to be delivered in three months rallied to more than $9,000 a ton, up from Friday’s peak of $9600.

This means copper prices have now hit all time highs on the London Metal Exhange in five of the past seven trading sessions. Analysts say prices are being lifted by expectations of high demand in 2011.

Copper Prices Expected to Rise

The Arizona Geology blog says that a “New Economy” based on alternative energy will require a lot of copper. The blog says that on Monday copper prices hit an all time high on the New York exchange for a second day in a row. Copper reached more than $4.30 a pound before closing down only slightly. This year copper prices are up 29%. Some analysts are predicting copper prices to rise to $5 or more during the next year or so.

Miami Council Workshop to Discuss Copper Beneath the Town

Miami Town Council will have a Workshop Tuesday at 6:30pm. The Council will discuss copper mining beneath the Town of Miami with a representative of Bell Copper Corporation.