Rosemont (Cu, Mo, Ag & Au)


Location: Arizona, United States
Operator: Hudbay Minerals Inc.
Royalty: NSR: 1.5%

Franco-Nevada has a 1.5% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Rosemont project and Copper World deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. The project is being advanced by Hudbay Minerals Inc. (“Hudbay”) following its acquisition of Augusta Resource Corporation. The Rosemont property contains at least three known potentially open-pit mineable deposits (Rosemont, Peach Elgin and Broadtop Butte) and is also situated near a number of large porphyry style producing copper mines.

Hudbay received the Final Record of Decision (“FROD”) for the Rosemont project in June 2017 and, in March 2019, received the Section 404 Water Permit from the U.S. Army Corps of Engineers which was the final federal permit outstanding according to Hudbay. In July 2019, the US District Court for Arizona issued a ruling that vacated the FROD issued by the US Forest Service. As a result, the construction of Rosemont has been suspended. Hudbay’s appeal of the Rosemont court decision continues to advance with briefs in November 2020 and an oral hearing underway in early 2021. A decision from the Ninth Circuit is expected in the second half of 2021.

As Hudbay evaluates next steps for the Rosemont project, drilling activities advance at the Copper World deposits (collectively the Broadtop Butte, Copper World, Peach and Elgin targets), largely on private land covered by Franco-Nevada’s royalty. A 2020 drill program demonstrated encouraging results, leading Hudbay to drill test targets in 2021 with a focus on developing an understanding of the shallow copper oxide and sulphide mineralization on the broader property package.


  • Franco-Nevada’s royalty covers all metals, including copper, molybdenum, silver and gold
  • Exploration focused on Copper World targets (Broadtop Butte, Copper World, Peach and Elgin)

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ - $ - $ -
Rosemont map