Resolution Copper Mining LLC announced on Friday that they're cutting approximately 400 jobs - about 75 percent of their overall workforce.
Company spokesman Bruce Richardson said they're reducing their budget from $200 million in 2012 to about $50 million next year.
Richardson said the company will suspend all shaft development and drilling activities after current work assignments are done in the first quarter of 2013.
Since 2005, the company has tried to get legislation passed to allow them to exchange 2,400 acres of forest service land, that they believe is where the largest undeveloped copper resources in the world rests, for more than 5,300 acres of conservation lands held by the company.
"The Resolution Copper land exchange is a top priority for the State of Arizona," said Sen. John McCain. "Its passage requires the cooperation of the entire Arizona Congressional Delegation, and I call on my colleagues to join Sen. Kyl, Congressman Gosar and myself in advocating for this legislation which is so important for job creation in our state."
Congresswoman-elect Ann Kirkpatrick released the following statement on the job cuts.
"Today's announcement from Resolution Copper will have a ripple effect across Arizona's Copper Corridor. I've worked hard on past efforts to bring jobs to this region, and I understand that these cuts could devastate small communities like Superior, Globe, Miami, Kearny, Hayden and Winkelman. When a small community loses jobs, the hardship hits families, school districts, small businesses - just about everyone.
"My staff and I are reaching out to civic and business leaders to assess this situation and determine next steps. I stand firmly with Arizona's rural communities and small towns, which need good-paying jobs so families are empowered to stay there, live there and send their kids to good schools. My top priority is to bring jobs to our district so regions like the Copper Corridor can build a strong foundation for the future."
Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.
Wednesday, May 22 2013 6:21 PM EDT2013-05-22 22:21:12 GMT
(RNN) - British officials are saying one man is dead and two others were injured in a possible terrorist attack in London on Wednesday.According to BBC News, eyewitnesses said man was attacked in a streetMore >
One man is dead after two men attacked him in broad daylight with knives and meat cleavers. More >
Wednesday, May 22 2013 1:03 PM EDT2013-05-22 17:03:38 GMT
Tuesday afternoon proved a bit tricky as severe thunderstorm and tornado warnings were issued for portions of northern Connecticut, and according to the Channel 3 Early Warning Center, more storms areMore >
A severe thunderstorm watch has been issued for the four northern counties until 10 p.m.More >
Wednesday, May 22 2013 2:15 PM EDT2013-05-22 18:15:59 GMT
A Thomaston woman was arrested after police said cocaine was found in her 17-month-old son's system.Jaime Bennett, 31, said she brought her son to a local hospital after she noticed he wasn't acting likeMore >
A Thomaston woman was arrested after police said cocaine was found in her 17-month-old son's system.More >
Wednesday, May 22 2013 12:51 PM EDT2013-05-22 16:51:37 GMT
Officials with the Connecticut Citizens' Defense League announced Wednesday that a lawsuit has been filed in U.S. District Court in Connecticut that will challenge the constitutionality of the new gunMore >
Officials with the Connecticut Citizens' Defense League announced Wednesday that a lawsuit has been filed in U.S. District Court in Connecticut that will challenge the constitutionality of the new gun laws in the state.More >
Wednesday, May 22 2013 3:23 PM EDT2013-05-22 19:23:01 GMT
State police are searching for the person or people responsible who robbing a bank Wednesday afternoon and lead to officials placing a nearby school in lockdown.Officers were called to a bank robber atMore >
State police are searching for the person or people responsible for robbing a bank Wednesday afternoon, which led to officials placing a nearby school in lockdown.More >
Wednesday, May 22 2013 5:24 PM EDT2013-05-22 21:24:27 GMT
A water main break in Middletown is expected to cause the major traffic problems Wednesday night. A water main break was reported on Newfield Street, according to Mayor Dan Drew."The heavy water flowingMore >
A water main break in Middletown caused major traffic problems during the evening rush hour commute Wednesday night.More >
Wednesday, May 22 2013 3:59 PM EDT2013-05-22 19:59:54 GMT
A Cromwell man is accused of voyeurism after police said he posted an "intimate video" was posted to the Internet. Edward Taupier, 47, was arrested at his home Wednesday morning and charged with voyeurismMore >
A Cromwell man is accused of voyeurism after police said he posted an "intimate video" was posted to the internet.More >
Wednesday, May 22 2013 4:07 PM EDT2013-05-22 20:07:18 GMT
A Simsbury man was arrested after he was accused of being in possession of child pornography.Christopher S. Lyons, 49, was arrested Wednesday and charged with first-degree possession of child pornography.More >
A Simsbury man was arrested after he was accused of being in possession of child pornography.More >
Tuesday, May 21 2013 7:16 PM EDT2013-05-21 23:16:48 GMT
MOORE, OK - The Oklahoma County Sheriff's office tweeted a photo of a frightened, muddy dog Monday after the deadly EF-5 tornado ripped through the town.The comment accompanying the photo said, "scared,More >
A heartbreaking photo of a little dog guarding the body of his owner, who was killed in the Moore, OK, tornado, is going viral.More >