In 2012, an economic benefit study was completed by Arizona State University’s prestigious L. William Seidman Research Institute showing significant socio-economic benefits for Arizona, Pinal County and the Town of Florence. An update to Chapter 5 of the original study was completed in 2013 and is based on the project’s Pre-Feasibility Study filed with SEDAR on March 28, 2013.
The updated socio-economic data prepared by the L. William Seidman Research Institute at ASU predicts the following economic benefits for Florence, Pinal County and the State of Arizona:
Over the 25-year life of the project, Florence Copper is projected to create significant economic uplift.
- $3.4 billion in economic activity for the State of Arizona
- $2.1 billion in economic activity for Pinal County
- $468 million in taxes and royalties for Arizona government
- $1.98 billion in personal income in Arizona
Over the 25-year life of the project, Florence Copper will create jobs locally and throughout the state.
- 796 jobs in the State of Arizona
- 245 high paying jobs on site
- 170 direct jobs employed by Florence Copper Inc.
- 75 indirect full-time drilling-related jobs on site
Jobs at Florence Copper will require a wide variety of skill levels and backgrounds. While some positions will require specific education and experience such as our hydrologists and metallurgical engineers, the majority of the jobs created by the project will NOT require a specific degree. Florence Copper will create a training program for workers interested in a career in SX/EW technology, and workers could potentially begin training right out of high school. Other jobs including administrative assistants, security guards, welders, mechanics, electricians, accountants, and more will be required to operate the facility.
Historically, mining jobs in the State of Arizona are high paying. According to the Arizona Mining Association, the average worker in the mining industry earns over $100,000 per year. These head-of-household wages will allow those new to the work force the opportunity to comfortably live and work in Florence.
For a copy of the 2013 Florence Copper Project Supplement by the L. William Seidman Research Institute at Arizona State University, CLICK HERE.
For a full copy of the original 2012 Florence Copper Project: Economic Impact Study by the L. William Seidman Research Institute at Arizona State University, CLICK HERE.
To learn more about the L. William Seidman Research Institute at the W.P. Carey School of Business at Arizona State University and the authors of this report, visit www.seidmaninstitute.com.
*2013 projections are based on a conservative copper price of $2.74/lb. The L. William Seidman Research Institute was commissioned by Florence Copper to provide an updated forecast of economic benefits for the project. It utilized an Arizona-specific 2013 version of REMI, a highly sophisticated and well-respected regional input-output forecasting model, to produce numeric estimates of the benefits on the Arizona economy of economic activity such as the Florence Copper Project in Arizona. The report utilizes data from the U.S. Bureau of Labor Statistics, the U.S. Department of Commerce, the State of Arizona, Pinal County and other official sources to compile the study.