Arizona Mining, Inc. announced today the results of an economic impact study conducted on the Hermosa Project, located outside of Patagonia, Arizona. The report by the L. William Seidman Research Institute and the W.P. Carey School of Business at Arizona State University offers a detailed account of the project’s economic impact for Santa Cruz, Pima, and Cochise counties, and the state of Arizona as a whole.
Arizona Governor Doug Ducey, the Arizona Commerce Authority, local chambers of commerce, community college districts, city officials and others have lent their support to the project, recognizing the educational, employment and economic opportunities it will bring to southern Arizona and the state.
“We are pleased to see this important industry resurging in southeastern Arizona,” said Arizona Governor Doug Ducey. “Mining is an important part of Arizona’s history. The Hermosa Project is projected to employ more than 400 workers while supporting thousands of additional jobs,” he said. “The vast majority of these jobs will demand an increasingly skilled, educated workforce, with ample opportunities for today’s students to learn, work and live right here in Arizona.”
“Our analysis shows the Hermosa Project will have a significant economic impact on Arizona and the three-county area, extending through 2049,” said ASU W.P. Carey School of Business Professor and researcher Lee McPheters. “The Hermosa Project will add to the state’s Gross Domestic Product, support new jobs, increase incomes and contribute to revenues at the state and local level.”
Key findings by the L. William Seidman Research Institute and the W.P. Carey School of Business at Arizona State University include:
• The Hermosa Project will generate an average annual increase of $676.1 million per year in the state’s GDP during the life of the project (2017-2049).
• The Hermosa Project will employ an average of 451 workers – with peak employment of 525.
• The Hermosa Project will support an average of 3,225 other jobs for Arizona residents, most of which will be in private non-farm sectors.
• Wages and salaries and non-labor income produced by the economic activity will provide an annual average of $266.6 million in additional disposable income to Arizona residents.
• The Hermosa Project will generate an average of $26.9 million per year in incremental revenues for state government in Arizona.
• Over the entire expected construction and production period, the overall impacts on the economy of Arizona will be $21.6 billion in GDP, $8.5 billion in disposable personal income and $860 million in state government revenues.
The Hermosa Project is a world-class high-grade zinc-lead-silver resource. The construction and production of the Hermosa Project will last 33 years, during which it is expected to make significant contributions to the Santa Cruz/Pima/Cochise County area and to the state of Arizona.
