Arizona State University (ASU) publishes updated Economic Impact Study of the Florence Copper Project, Florence, AZ
Florence, Arizona - Florence Copper announces the publication and release of an updated Economic and Fiscal Impact Study of the Florence Copper project in central Arizona, prepared by the L. William Seidman Research Institute at Arizona State University (ASU). The study provides a comprehensive overview of future economic benefits and fiscal contributions associated with the Florence Copper project - an innovative and proven in-situ copper recovery operation in Florence, Arizona.
Published in March 2024, The Florence Copper Project: Economic & Fiscal Impact study considers 26 years of project activity, including two years of project construction, 20+ years of copper production and three years of reclamation and closure.
Study authors employed an Arizona-specific econometric model to forecast direct, indirect and induced economic impacts associated with Florence Copper. The study provides valuable insight into the project's future contributions to economic prosperity and sustainable development in Pinal County and throughout the State of Arizona - including annual and cumulative GDP impacts, employment and employment income and government tax revenues.
Key highlights from ASU's The Florence Copper Project: Economic & Fiscal Impact study include:
| Florence Copper Economic Impacts |
Arizona |
Pinal County |
| State GDP (Cumulative) |
$4.3 billion |
$2.5 billion |
| Employment (Annual Average) |
819 |
498 |
| Personal Income (Cumulative) |
$2.2 billion |
$1.5 billion |
|
Arizona |
Combined Pinal County & Town of Florence |
Town of Florence |
| State and Local Tax Revenues (Cumulative) |
$593.1 million |
$174.5 million |
$115.4 million |
Note: Dollar values are constant 2024 dollars. Arizona impacts are inclusive of Pinal County and Town of Florence impacts
Florence Copper General Manager John Mays remarked, "We are immensely proud of the meaningful economic impact that our operation has had and increasingly will have in the Town of Florence, in Pinal County and throughout the State of Arizona, as evidenced in the 2024 Economic and Fiscal Impacts Study. These findings underscore Florence Copper's steadfast commitment to creating value in Arizona - by producing copper and generating significant economic and social benefits for our employees, operating communities, governments and all Arizonans."
Florence Copper has secured all major development permits and authorizations required from federal and state regulatory agencies and initiated construction of commercial production facilities in Q1 2024. The first copper cathode to be produced by Florence Copper's commercial production facility is expected in late 2025.
When fully operational, Florence Copper will have an annual production capacity of 85 million pounds of LME Grade A copper cathode and a mine life of 22 years. This production capacity would represent an expansion of total US annual copper production of nearly 4% over 2023 levels[1].
Download the full report: The Florence Copper Project: Economic & Fiscal Impact
