A.E. Araiza / Arizona Daily Star 2006

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The Rosemont mine project has received a $40 million infusion from a subsidiary of Japan's Sumitomo Corp. to purchase equipment.

In exchange for the loan, Augusta Resources Corp., has granted Sumitomo Corp. of America certain rights to negotiate a minority ownership interest in the Rosemont project, Gil Clausen, Augusta's president and CEO said today.

Sumitomo, which is an existing Augusta shareholder, has other such deals with copper mines in Arizona, such as a 15 percent interest in Freeport McMoran's Morenci copper mine, he said.

The site of the proposed Rosemont mine is about 25 miles southeast of Tucson along Arizona 83, and Augusta expects to produce ore there for about 20 years. Augusta hopes to be in production by 2011.