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South32 said on Wednesday that its Hermosa project in Arizona, currently the only advanced US mining project capable of producing two federally designated critical minerals , has received board approval for $2.16 billion in funding to develop the zinc-lead-silver deposit.
“ project will strengthen the domestic supply of critical minerals needed for clean energy technologies and national defense, reducing America’s reliance on foreign countries and transforming the local economy,” Hermosa project president Pat Risner added. The new investment will fund construction of key infrastructure projects, including water management systems, power, site facilities, underground shaft sinking, initial underground development and other work required to begin operations, it added.
Construction and mine development at Hermosa, made up of the Taylor and Clark deposits, started last year with approvals from the State of Arizona.
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