Resolution Copper cutting 400 jobs, citing uncertainty of long-pending proposal for land swap

The Columbus Republic / The Associated Press ^ | November 30, 2012

[2ndDivisionVet]

SUPERIOR, Arizona — An Arizona mining company announced Friday it will suspend shaft and drilling work at its Superior operation and eliminate about 400 jobs, saying the moves are the result of continued uncertainty around a proposed land exchange.

Resolution Copper Mining officials said they will try to place affected workers in other jobs within the company. Some workers could be placed in positions with one of Resolution's owners, London-based Rio Tinto...

[2ndDivisionVet]

More jobs lost to the tree-huggers.

[GeronL]

Some “recovery” we’re having

[mosesdapoet]

This AP story with no attribution mentions “Land Swap” any FR know what this is about ?

[cripplecreek]

We're doing what we can to free them up in Michigan but its a rough national economic and political climate.

House Bill 6008, establish new “non-ferrous” mine taxation regime: Passed 62 to 45 in the House To revise the taxation of “non-ferrous” mines (including new copper and other mineral mines in the Upper Peninsula). The bill is part of a package that would exempt these mines from property, income, sales and use taxes, and instead levy a “severance tax” based on the amount of material extracted. Various credits would be allowed against pre-operational start-up costs, including regulatory compliance costs. Most of the tax revenue would go to the local government, but some would go to a new state “rural development fund.”

I personally would lose the rural development fund.

[NonValueAdded]

All efforts will be redirected to the San Sebastian Mines.

[spaced]

The national forest land portion of the swap is an area called Oak Flats in the Tonto National Forest between Miami and Superior. Indians claim that Apache Leap is included in the exchange area, but because the exact location of Apache Leap is unknown, that cannot be confirmed. I’ve not seen a clear description of the land being offered by Rio Tinto; all that has been said in accounts is “ecologically significant” land across Arizona. The Oak Flats area has some spectacular scenery, but the mine would be totally underground. Subsidence may or may not be an issue; activists say yes; mining engineers claim not.

[Caipirabob]

Losing 400 jobs in that part of Arizona is a MAJOR disaster.

[null and void]

Yeah. A great recovery. As soon as I get back to the land of the living (I’m out of town visiting my parental unit) I’ll update my list at add this.

Thanks for the ping.