Can you discuss the milestones reached by Resolution Copper during 2023 and 2024?

For the third year in a row, we were awarded the safety award for small underground mine by the Rocky Mountain Mining Institute, recognizing the employees and contractors who come to work on our site every day. 

We are also very proud of our teams work on the reclamation of the old Magma site. In total, Resolution Copper spent US$75 million over a period of 15 years to reclaim hundreds of acres of land within the footprint of the historic Magma mine site. 

What is the significance of the Good Neighbor Agreement?

Resolution Copper is in the Copper Corridor, a rural part of Eastern Arizona. Over the last decade, we worked closely with local communities to co-design what this mine will look like. The project has evolved significantly due to the input from communities and Native American tribes, ensuring we can coexist with nature, riparian areas, and ancestral sites. In 2024, we signed a groundbreaking Good Neighbor Agreement with the Town of Superior, Pinal County, Gila County, and other Copper Triangle towns, and over a dozen groups with interests in the area. This agreement formalizes our commitment to transparency and two-way dialogue throughout the mine's life. It emphasizes improving environmental stewardship, conserving nature, and fostering economic development in the region.

Can you discuss your firm's plans to minimize environmental impact?

We prioritize coexistence with nature through partnerships with local, state and national-level Civil Society Organizations and Native American tribes, and others. Together, we have conserved over 5,500 acres across Arizona, protecting habitats for endangered species and preserving cultural sites.

Regarding water management, our deep underground mine collects water at depths of up to 7,000 feet. We treat and donate this water to local farmers, totaling more than 7 billion gallons over a decade. This supports local agriculture while preserving groundwater reserves for future use. Our operations undergo independent monitoring by local communities and Native American Tribes. We implemented a Dark Skies program with the Town of Superior to reduce light pollution, preserving the area's natural night sky. 

What is Resolution Copper's approach to workforce development?

Our approach to workforce development is deeply rooted in investing in the local communities of rural Arizona, spanning from the San Carlos Apache tribe to the town of Superior and beyond. Over two decades, we implemented a three-step strategy. First, we prioritize local hiring within a 40-mile radius through our local hire and procurement policies. Second, we have heavily invested in STEM education across K-12 schools in the Copper Triangle district, complemented by scholarships for graduating seniors. In 2023, our Resolution Copper Scholarship program awarded US$38,000 in financial assistance to 15 graduates as they begin their collegiate careers. We have also continued our extensive STEM partnership with the Superior Unified School District with funding of US$300,000 in 2023.

Third, we operate an apprentice program in collaboration with local technical colleges, providing training and employment opportunities to individuals without prior experience. We offer graduate programs in partnership with Arizona universities. Currently, over 350 people comprise our workforce, 90% of whom are local. Our initiatives have proven successful, which is evident in the high demand for positions like apprenticeships, which garnered over 600 applications within two weeks last year. 

How could Resolution Copper help address supply imbalances in the US?

Resolution Copper stands out as one of the largest undeveloped copper deposits globally, strategically located in a copper-mining region. At full capacity, Resolution Copper has the potential to satisfy 25% of current US copper demand, significantly reducing our reliance on imports, which presently account for approximately 50% of our needs. Harnessing this resource effectively will improve our energy security, strengthen economic resilience, and support sustainable development, positioning the US as a leader in global copper supply.

The current tightness in the copper market underscores the critical need for projects like Resolution Copper. Permitting new mines is a lengthy process, emphasizing the urgency of advancing local projects like ours. Maintaining domestic supply through operational smelters like Kennecott in Utah is crucial for US resilience in copper production. Resolution Copper aims to strengthen these efforts by ensuring consistent supply to meet American demand.