Mine opposition makes allegations against Rosemont Copper parent companyPosted: Updated:
TUCSON, Ariz. -- A group aiming to block the construction of the Rosemont Copper Mine has raised some concerns about Rosemont's parent company.
"Save the Scenic Santa Ritas" alleges lies and a murky financial track record, but Rosemont officials say the group is just desperate.
"We believe these to be violations of the securities disclosure laws," said attorney Vince Rabago.
An attorney representing Save the Scenic Santa Ritas accuses Augusta resource corporation in Canada, the parent company of Rosemont Copper, of hiding important financial information from securities regulators.
"So what Augusta is supposed to do is follow it's own home country jurisdiction on requirements of disclosure and take those documents that they file in Canada present them, with additional forms, and present them to U.S. Securities regulators and file them here," said Rabago.
The non-profit filed complaints with regulators in Canada and the U.S. claiming the company left out member's personal and corporate bankruptcies and the delisting of a company on the American stock exchange.
"Perhaps the capstone in this is the failure to disclose an insider trading settlement agreement with Canadian authorities," Rabago said.
The group says if Augusta is not forthcoming to federal officials, what else is the corporation lying about?
"It's mudslinging, that's what it is. More mudslinging by the opposition," said Rod Pace.
Rosemont CEO Rod Pace bluntly dismissed claims by save the scenic Santa Ritas.
"You know, a public company is required to disclose information. We've disclosed all information. If there have been any issues in the past, they've been dealt with properly," Pace said.
Pace admits he has not read the entire 2,000 complaint but says Augusta and Rosemont have nothing to hide.
"We're seeing the opposition get more desperate as the project gets closer and closer to finish," said Pace.
The complaint will be reviewed by both Canadian and U.S. regulators.
If regulators find some truth to the complaint, it's unclear what, if anything, will happen to Augusta Resource Corporation.
Save the Scenic Santa Ritas hopes it's enough to put a stop to the proposed copper mine.