infosonics corporation ( nasdaq : ifon ) is a publicly traded telecommunications equipment provider based in san diego , california .

it develops , manufactures , and distributes wireless handsets and accessories through its proprietary brand verykool and other private label brands .

infosonics sells its products through carriers , distributors and oems in latin america , europe , africa , asia pacific and the united states .

it is best known for its line of inexpensive unlocked phones as well as its rugged phones in its verykool line of products .

infosonics corporation

in this annual report on form 10 - k , infosonics ,  infosonics corporation ,  the company ,  we ,  us and our refer to infosonics corporation and our wholly owned subsidiaries on a consolidated basis , unless the context otherwise provides .
ceo interview : joseph ram , infosonics corporation ,
wall street transcript , august 22 , 2005 .
infosonics latin america , inc . ; infosonics de mexico s . a . de c . v . ; infosonics de guatemala s . a . ; infosonics el salvador s . a . de c . v . ; infosonics s . a . ( uruguay ) ; axcess mobile , llc .
miami , june 8 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( nasdaq : ifon ) announced the appointment of michael galloro to its board of directors . . . .
infosonics corporation ( infosonics ) was incorporated in february 1994 in the state of california and reincorporated in september 2003 in the state of maryland . infosonics and its subsidiaries , infosonics latin america , inc . , infosonics de mexico s . a . de c . v . , infosonics de guatemala s . a . , infosonics el salvador s . a . de c . v . , infosonics s . a . , infosonics colombia s . a . , verykool usa , inc . , infosonics de panama , verykool hong kong limited , and verykool wireless technology limited ( collectively , the company ) , define , source and sell wireless telecommunication products and accessories to wireless carriers and distributors . the company markets its branded products throughout latin america and the united states .
miami , march 12 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( nasdaq : ifon ) and cooltech holding corp . (
cooltech
) today announced the successful . . .
san diego , july 26 , 2017 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( nasdaq : ifon ) and cooltech holding corp . (
cooltech
) today announced that . . .
san diego , aug . 10 , 2017 / prnewswire / - - infosonics corporation ( nasdaq : ifon ) , the provider of verykool ® wireless handset solutions and tablets , today announced results for its second quarter ended . . .
san diego , nov . 9 , 2017 / prnewswire / - - infosonics corporation ( nasdaq : ifon ) , the provider of verykool ® wireless handset solutions and tablets , today announced results for its third quarter ended september . . .
in october infosonics closed four of its axcess mobile mall kiosks and sold the other six to the mobile solution corporation . the retail unit had contributed only about 5 percent of the company ' s revenues , and had not been consistently profitable .
we incorporated under the laws of the state of california on february 7 , 1994 , under the name infosonics corporation . on september 11 , 2003 , we reincorporated under the same name under the laws of and into the state of maryland .
note : all trademarks and copyrights other than infosonics and verykool are property of their respective owners .
infosonics studies plan for chile subsidiary ,
business news americas , november 23 , 2005 .
today , i will be analyzing infosonics corporation’s ( nasdaq : ifon ) recent ownership structure , an important but not - so - popular subject among individual investors . when it comes to ownership structure of a company , the impactread more . . .
infosonics begins distributing i - mate cellular handsets ,
business news americas , january 12 , 2006 .
infosonics reports us $ 146mn in 2005 revenues ,
business news americas , march 8 , 2006 .
we have audited the accompanying consolidated balance sheets of infosonics corporation and subsidiaries as of december 31 , 2015 and 2014 , and the related consolidated statements of operations and comprehensive loss , stockholders equity and cash flows for each of the three years in the period ended december 31 , 2015 . our audits also included the financial statement schedule of infosonics corporation listed in item 15 . these financial statements and financial statement schedule are the responsibility of the companys management . our responsibility is to express an opinion on these financial statements and schedule based on our audits .
balint , kathryn ,
infosonics stock fall worries investors ,
san diego tribune , june 15 , 2006 .
infosonics in pact with samsung electronics latin america ,
dow jones news service , december 27 , 2004 .
employment agreement effective of april 9 , 2014 between infosonics and vernon a . loforti ( 12 ) ( * )
equipment market is hot , but infosonics is cool toward ipo ,
ct wireless , october 26 , 2000 .
infosonics enters agreement to distribute alcatel , tcl brand phones ,
business news americas , march 14 , 2006 .
infosonics to offer 1 . 1 million shares in private placement ,
reuters news , january 30 , 2006 .
ipo spotlight : infosonics corp . prospectus info ,
dow jones corporate filings alert , february 2 , 2004 .
proxy : infosonics corp . ,
san diego business journal , december 19 , 2005 , p . 29 .
vuocolo , jonathan ,
infosonics stk down 21 % ,
dow jones news service , june 6 , 2006 .
infosonics corporation is a leading distributor of cellular telephone products in north america . the california - based firm sells handsets and accessories from manufacturers including samsung , vk mobile , and i - mate to retailers , regional wireless carriers , and through its web site . more than two - thirds of infosonics ' business comes from latin america . founder and ceo joseph ram owns a sizable minority stake in the publicly traded firm .
infosonics , which was founded in 1994 and began trading on the nasdaq stock exchange 10 years later , has 103 employees .
2004 infosonics completes its initial public offering ; online store begins operations ; company becomes exclusive north american distributor for vk mobile .
categories : yahoo financeget free summary analysis infosonics corp . reports financial results for the quarter ended june 30 , 2017 . we analyze the earnings along side the following peers of infosonics corp . – addvantage technologies group , inc . , tessco technologies incorporated , voxx international corporation class a , china techfaith wireless communication technology ltd . sponsored adr , richardson electronics , ltd . , zagg inc and . . . read more ( read more . . . )
in march 2018 , infosonics and cooltech announced the successful completion of the merger of the companies . cootech is now a wholly - owned subsidiary of infosonics and the company’s common stock will continue to trade on the nasdaq capital market under the stock ticker symbol “ifon . ”
miami , april 2 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( ifon ) , which closed its merger with cooltech holding corp . on march 12 , 2018 , announced the recent opening of its newest oneclick store located in the el solar shopping district in buenos aires , argentina . this represents oneclick ' s sixth store in the country , and the company plans to open seven more new stores in the coming year in different cities across argentina .
in just over a decade infosonics corporation had become one of the leading distributors of cellular telephone handsets and accessories in north america . the company was busily expanding in latin america , where it earned two - thirds of its revenues , while continuing to supply regional carriers and retailers in the united states . the firm looked forward to ongoing growth in the still young market .
in november , infosonics reported net sales for the third quarter of $ 9 . 9 million , up 84 % from the same quarter in 2012 .
in november the firm ' s credit line was boosted to $ 25 million through new lender wells fargo , and the following month infosonics began selling samsung phones and accessories online . consumers who went to the samsung web site and wished to purchase equipment would be redirected to an infosonics - run site .
wise , christina ,
infosonics : cell industry ' s friend ,
investor ' s business daily , january 30 , 2006 , p . b2 .
san diego , jan . 22 , 2018 / prnewswire / - - infosonics corporation ( the
company
) ( ifon ) announced today that on january 19 , 2018 the company entered into a securities purchase agreement for the sale of $ 1 million face value of three year 0 % convertible notes and warrants with accredited investors affiliated with cooltech holding corp . (
cooltech
) . the company will use the proceeds of the offering to pay company expenses related to the merger with cooltech and for general corporate purposes . vernon a . loforti , infosonics ' chief financial officer , commented :
since it was announced on july 26 , 2017 , infosonics and cooltech have been working diligently to complete the merger of our companies .
unless you buy your smartphones and mini - tablets in mexico , the caribbean or central and south america , chances are you ' ve never heard of infosonics corp .
the consolidated financial statements include the accounts of infosonics and its wholly owned subsidiaries as listed in note 1 . all significant intercompany accounts and transactions are eliminated in consolidation .
brand . infosonics is committed to delivering quality products that offer high - end design and impressive functionality at affordable prices . additional information can be found on our corporate website at
to contact infosonics corp , please visit urltoken . company data is provided by s & p ; global market intelligence . please use this form to report any data issues .
we have adopted a code of ethics that applies to our president and chief executive officer , chief financial officer and controller and a code of business conduct and ethics that applies to all of our directors , officers and employees . copies of these codes are available on our website ( urltoken ) and are also available without charge upon written request directed to investor relations , infosonics corporation , 3636 nobel drive , suite 325 , san diego , california 92122 .
in december 2001 infosonics signed an agreement with pc - ephone , inc . , to distribute that company ' s handheld device , which combined features of cell phones , personal digital assistants ( pdas ) , and computers . infosonics was also an authorized reseller of products from such manufacturers as samsung , motorola , ericsson , lg , and audiovox at that time .
san diego , march 8 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( ifon ) announced today that it will effect a 1 - for - 5 reverse stock split . the 1 - for - 5 reverse stock split will be effective as of the open of trading on march 9 , 2018 ( the
effective date
) and the company ' s common stock will thereafter begin trading on a split - adjusted basis . the reverse stock split will reduce the number of shares of the company ' s common stock currently outstanding from approximately 3 , 378 , 000 shares to approximately 676 , 000 shares .
cnbc personality jim cramer , writing at the urltoken investing website , rates infosonics as a hold , seeing strengths in its revenue growth but also weaknesses in poor profit margins and weak cash flow .
san diego , oct . 5 , 2017 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( ifon ) announced today that it will effect a 1 - for - 5 reverse stock split . the 1 - for - 5 reverse stock split will be effective as of the close of business on october 10 , 2017 ( the
effective date
) and the company ' s common stock will begin trading on a split - adjusted basis on october 11 , 2017 . the reverse stock split will reduce the number of shares of the company ' s common stock currently outstanding from approximately 16 . 9 million shares to approximately 3 . 4 million shares .
cool holdings , inc . manufactures and sells wireless handsets , tablets , and related products to the carriers , distributors , and retailers in latin america . the company sells its products under the verykool brand . it operates oneclick store located in the el solar shopping district in buenos aires , argentina . the company was formerly known as infosonics corporation and changed its name to cool holdings , inc . in june 2018 . cool holdings , inc . was founded in 1994 and is based in miami , florida .
the purpose of the nominating and corporate governance committee ( the “ committee ” ) of the board of directors ( the “ board ” ) of infosonics corporation ( the “ company ” ) is to ( a ) identify individuals qualified to become directors on the board and approve and recommend to the board candidates for election as directors , ( b ) oversee evaluations of the board and its committees , and ( c ) develop , periodically review , monitor and recommend to the board corporate governance principles and policies applicable to the company .
san diego , feb . 12 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( ifon ) announced today that it has set the record and meeting dates for a special meeting of its stockholders to vote on matters related to the proposed merger with cooltech holding corp . (
cooltech
) . in addition , the company announced that the registration statement filed on form s - 4 with the securities and exchange commission (
sec
) , as amended , was declared effective on february 12 , 2018 . the special meeting will be held at 10 : 00 am pacific time on wednesday , march 7 , 2018 , at the offices of perkins coie llp located at 11988 el camino real , suite 350 , san diego , california 92130 . infosonics stockholders of record as of the close of business on february 5 , 2018 are entitled to receive notice of , and to vote at , the special meeting .
on jan . 9 , infosonics said , it received notification from nasdaq that the company would remain listed because the stock had maintained a closing price of $ 1 or more a share for at least 10 consecutive business days .
this month , infosonics announced the release of its newest product : a 7 - inch tablet called the kolorpad that comes with a 1 . 3 - gigahertz dual core processor that works off the android 4 . 2 operating system .
20 + years of career in finance , general management and operations in a fortune 500 technology industry leader . experience leading teams in international markets streamlining operations and implementing financial controls , processes and productivity improvements . tech data corporation : vice president of finance , latin - america for over eight years . multi country role creating , controlling and restructuring companies in the region . built and developed a robust internal controls environment with a high performance team in several countries . tech data mexico : managing director . started up and development of the business unit from greenfield . created a profitable entity with double digits revenue growth and streamlined sg & a . served in other regional and in country positions for tech data corporation .
in november the firm unveiled an online store where customers could buy new phones and accessories , and shortly afterwards it also began distributing vk mobile cell phones . infosonics would be the sole north american distributor for the korean manufacturer . at this time the company was deriving 70 percent of its revenues from sales of handsets to regional wireless carriers , 25 percent from sales to dealers , and 5 percent from online sales . for 2004 infosonics reported sales of $ 73 . 4 million .
in our opinion , the consolidated financial statements referred to above present fairly , in all material respects , the financial position of infosonics corporation and subsidiaries as of december 31 , 2015 and 2014 , and the results of its operations and its cash flows for each of the three years in the period ended december 31 , 2015 , in conformity with u . s . generally accepted accounting principles . also , in our opinion , the related financial statement schedule , when considered in relation to the basic consolidated financial statements taken as a whole , presents fairly in all material respects the information set forth therein .
beta is one aspect of your portfolio construction to consider when holding or entering into a stock . but it is certainly not the only factor . take a look at our most recent infographic report on infosonics for a more in - depth analysis of the stock to help you make a well - informed investment decision . but if you are not interested in infosonics anymore , you can use our free platform to see my list of over 50 other stocks with a high growth potential .
in january 2006 infosonics sold 1 . 1 million shares of common stock to institutional investors for $ 14 . 4 million . the company also expanded its distribution of samsung products to paraguay and uruguay and began selling i - mate brand cell phones in north america . in february the firm expanded its exclusive vk mobile distribution territory to include canada , giving it full coverage of north america . infosonics had succeeded in winning approval of that firm ' s vk530 phone from a number of carriers .
miami , june 6 , 2018 / prnewswire / - - infosonics corporation (
infosonics
or the
company
) ( ifon ) today announced that it has closed a public offering of securities to new and existing investors wherein it raised aggregate proceeds of approximately $ 3 . 7 million . the company sold approximately 1 , 183 , 000 units at an offering price of $ 3 . 14 per unit . each unit was comprised of ( i ) one share of common stock or 0 % series a preferred stock of the company and ( ii ) and a warrant to purchase one share of common stock of the company with an exercise price of $ 3 . 02 per share . the warrants are exercisable beginning six months after issuance and expire three years from the date of issuance . each share of preferred stock is convertible into common stock on a one - for - one basis .
miami , june 14 , 2018 / prnewswire / - - infosonics corporation ( ifon ) today announced that it has changed its name to cool holdings , inc . ( the
company
) , effective today . the company ' s stock symbol remains unchanged at this time , but the name change resulted in a new cusip number ( 21640c 105 ) for the company ' s common stock offered on the nasdaq capital market . the company intends to soon launch a new corporate website at www . coolholdings . com , which will include a new investor relations section containing stock information , corporate governance information and other materials of interest to investors .
in july infosonics signed an agreement to distribute the wireless remote video monitoring and data systems products of cenuco , inc . , and a few months later the company extended its distribution agreement with samsung and added that firm ' s products to its latin american offerings .
the spring also saw infosonics take on caribbean distribution of alcatel and tcl brand phones , which were less expensive than the samsung and vk products it primarily sold . several new vk models were introduced as well , each of which included an mp3 player and other advanced features .
too
kool
to be tied down to a wireless service provider ? wireless handset manufacturer infosonics wants to help commitment - phobic users with its verykool line of affordable , unlocked mobile phones and devices you can use with any gsm carrier ( at & t or t - mobile in the u . s . ) . with the $ 279 rs90 vortex rugged android smartphone leading the line of verykool products , infosonics wants to win over people who don ' t want to be locked into contracts , have lost or damaged their phones or travel internationally .
the purpose of the audit committee ( the “ committee” ) of the board of directors ( the “ board ” ) of infosonics corporation ( the “ company ” ) is to oversee ( a ) the company’s accounting and financial reporting processes and the audits of the company’s financial statements , ( b ) the independent auditor’s qualifications , independence and performance , ( c ) the company’s internal audit function , if any , and the performance of its internal accounting and financial controls , and ( d ) the company’s compliance with legal and regulatory requirements ( including , without limitation , compliance with the company’s code of ethics for senior financial officers and compliance with the company’s code of conduct for all company personnel ) .
if you are looking to invest in infosonics corporation’s ( nasdaq : ifon ) , or currently own the stock , then you need to understand its beta in order to understand how it can affect the risk of your portfolio . broadly speaking , there are two types of risk you should consider when investing in stocks such as ifon . the first risk to consider is company - specific , which can be diversified away when you invest in other companies in the same industry as ifon , because it is rare that an entire industry collapses at once . the second risk is market - wide , which arises from investing in the stock market . this risk reflects changes in economic and political factors that affects all stocks .
infosonics began operations in february 1994 , initially distributing telephone equipment and pbx systems to third parties . with cellular telephone sales exploding , ram soon decided to shift his focus to this market , and the company began distributing the products of such manufacturers as samsung , which it added in 1997 .
infosonics is committed to protecting the interests of its stockholders through sound principals of corporate governance and openness and transparency with regulators and the investing public . as a public company , we are committed to a strong code of business conduct and strive to make honesty and integrity the foundations of our corporate culture .
in december 2000 infosonics acquired a cell phone retailer called axcess mobile for the forgiveness of $ 57 , 000 in accounts payable . axcess owned a small number of retail kiosks in san diego shopping malls . the firm was also considering an initial public offering at this time , but pulled back due to unfavorable market conditions .
, infosonics president and chief executive officer .
from its dramatically thin 1mm bezel to its 2 , 200 mah li - po battery ( providing enhanced battery life ) , and its mediatek mt6735p lte baseband processor powered by four 64 bit cortex – a53 arm 1 . 0ghz cores…the spark lte comes with a lot of promise .
a critical component of infosonics ' ability to keep up with industry trends was a web - based data sharing system in which the company offered information about the market while asking customers to tell what they knew about sales and equipment issues . the web site was also used to track shipments of orders and facilitate transmission of essential documents .
the purpose of the compensation committee ( the “ committee ” ) of the board of directors ( the “ board ” ) of infosonics corporation ( the “ company ” ) is to ( a ) oversee the company’s compensation plans , policies and programs for its senior management and non - employee directors of the board , ( b ) oversee the company’s employee benefit plans , including its incentive compensation and equity compensation plans , and ( c ) review , discuss with company management , make recommendations regarding and approve , as applicable , compensation - related disclosures as may be required by the securities and exchange commission ( “ sec ” ) or other applicable regulatory bodies , including any compensation discussion and analysis ( “ cd & a ” ) , if required by the securities exchange act of 1934 , as amended ( the “ exchange act ” ) , to be included in company sec filings .
in january 2005 infosonics bought an argentina - based company that distributed samsung cell phones and accessories , which would give the firm its largest presence in latin america to date . the company had locations in the united states , mexico , argentina , guatemala , el salvador , and colombia , and it was reportedly also studying the feasibility of opening an office in chile .
in 1998 the firm hired abraham rosler to serve as executive vice - president . he had previously worked for a company that sold cell phone accessories in latin america , where ram , who was fluent in spanish , was seeking to expand . rosler also took a minority equity stake in the firm . with sales growth averaging roughly 50 percent each year , by 1999 infosonics ' revenues had risen above $ 24 million .
according to san diego - based infosonics , verykool is an established and popular brand in latin america that the company has decided to start marketing back home thanks to growing acceptance and demand for cheap , unlocked phones . the rs90 vortex is both dust - and waterproof , but unfortunately has outdated specs that include the two year old android 4 . 0 ice cream sandwich os and a slow 1 . 2 ghz dual - core processor .
infosonics was founded in 1994 in san diego , california , by joseph ram . born in israel , ram had served as an army captain and studied business and economics at tel aviv university before taking a job with an importer of telecommunications equipment from the united states and the far east . he was recruited to run the international business of american client procom supply , and he worked there from 1989 to 1993 before leaving to found a company of his own .
for consolidated financial statement purposes , cash equivalents are defined as investments which have an original maturity of ninety days or less from the original date of purchase . cash and cash equivalents consist of cash on hand and in banks . the company maintains its cash and cash equivalents balances in banks that from time to time exceed amounts insured by the federal deposit insurance corporation . as of december 31 , 2015 and 2014 , the company maintained deposits totaling $ 2 . 2 million and $ 1 . 0 million , respectively , with certain financial institutions in excess of federally insured amounts . the company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash .
according to international data corporation ( idc ) , worldwide shipments of smartphones during 2015 increased by 10 . 1 % to an estimated 1 . 433 billion devices compared to 1 . 301 billion units in 2014 . this represented a continued slowing of growth from 27 . 6 % in 2014 . mature markets have become increasingly dependent on replacement purchases , and although first - time buyers provide momentum in emerging markets , the focus there has shifted toward low - cost devices . idc also estimates that 2015 shipments of android - based smartphones reached 1 . 161 billion devices and represented 81 . 2 % of the total smartphone market . it estimates that android will hold a dominant share of the smartphone operating system space for the foreseeable future .
harris corporation is a leading technology innovator , solving customers ' toughest mission - critical challenges by providing solutions that connect , inform and protect . harris is one of the only companies concentrated exclusively on developing the trusted solutions that solve the toughest technology challenges faced by businesses and governments around the world . the company is a proven leader in tactical communications , geospatial systems and services , air traffic management , environmental solutions , avionics and electronic warfare , and space and intelligence . the company is organized into four business segments : communication systems , space and intelligence systems , electronic systems and critical networks . harris ' public safety and professional communications business is a leading supplier of communications systems and equipment to support public safety , federal , utility , commercial and transportation markets .
with a five - year beta of 0 . 58 , infosonics appears to be a less volatile company compared to the rest of the market . the stock will exhibit muted movements in both the downside and upside , in response to changing economic conditions , whereas the general market may move by a lot more . ifon’s beta implies it may be a stock that investors with high - beta portfolios might find relevant if they wanted to reduce their exposure to market risk , especially during times of downturns . nasdaqcm : ifon income statement aug 30th 17
infosonics is a miami - based company comprised of oneclick international , llc and oneclick license llc , a chain of retail stores and an apple authorized reseller under the apple premier partner , apr ( apple premium reseller ) and aar mb ( apple authorized reseller mono - brand ) programs ; cooltech distribution llc , an authorized distributor to the oneclick stores and other resellers of apple products and other high - profile consumer electronic brands ; and a provider of wireless handsets , tablets and related products to carriers , distributors and retailers in latin america under the verykool® brand .
in january 2004 the firm bought a company called infosonics de mexico from executives ram and rosler , and also filed the paperwork to make its long - delayed initial public stock offering . in june the company took in $ 12 million from investors on the american stock exchange , using the funds to boost sales and marketing efforts , expand warehouse and office facilities , increase the number of retail wireless service activations , and start a logistics service business . prior to the sale founder ram had held a 76 percent stake , but his total would fall to 48 percent after the offering .
the company ' s mission had evolved as the cell phone market grew and it took on a number of challenges unique to the industry . in addition to simply ordering , warehousing , and shipping phones and accessories , infosonics also marketed new products to both carriers and consumers ; tested for compatibility and secured approval from regional service providers ; customized and loaded software onto phones ; and performed field services including training , support , and warranty fulfillment . in the united states the company ' s carrier customers were primarily smaller regional ones such as alaska cellular , cincinnati bell , and suncom , but in latin america they included both second - tier providers and market leaders telefonica and america movil .
in the fall of 2000 infosonics opened a second warehouse in miami , where it had earlier used a third party to supply its latin american accounts . the company was distributing phones and accessories to 400 carriers who resold them to customers , as well as to more than 9 , 000 retail locations around the united states . its clients were primarily firms that were independently owned and / or regional players that lacked the clout of an at & t or sprint . the average order was worth $ 14 , 000 , and the company made a profit of 4 to 8 percent on the price of a handset and 10 to 15 percent on accessories . two - thirds of the products it shipped were phones .
in april infosonics leased a new sales , warehouse , and manufacturing facility in mexico , which would serve as the company ' s headquarters in that country . revenues for the first quarter of 2006 were 125 percent higher than those of a year before , and the firm ' s stock jumped after the figures were announced , topping $ 30 by june . the company restated its net earnings for the first quarter early that month , however , and with a stock analyst also downgrading their rating , the price declined by more than 50 percent within a few days . the company subsequently attempted to reassure investors , some of whom had filed lawsuits over the restatement , that the company ' s business was sound .
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urltoken
the maker of wireless handsets and other devices such as tablets has positioned itself well in latin america but continues to fight for brand recognition .
the san diego company designs , manufactures and sells wireless handsets and other devices , such as tablets , to other manufacturers , distributors and consumers .
its research and development center is in beijing . the company also maintains a small quality - control office in shenzhen , china , close to its manufacturing facilities .
third - quarter net income was $ 34 , 000 , or less than a penny a share , compared with a net loss of $ 1 . 2 million , or 8 cents , in the third quarter of 2012 .
over the years , the company has moved from fixed land - line products to cordless phones to smartphones and tablets , said founder and chief executive joseph ram .
you have to be nimble . you have to be able to adapt ,
ram said .
now , we are trying to be prepared for the fact that tablets are going to be replacing a lot more of traditional computer functions .
the new device is meant to distinguish itself from other mini - tablets by providing greater functionality with traditional usb port access that allows the connection of a keyboard and mouse .
ram said that the tablet can be used as a mini - computer . it retails for $ 149 .
last september , the company launched its new brand - name
verykool
smartphone , which is geared toward pre - paid phone service uses because of its lower price .
priced at about $ 229 , the phone has a quad - core processor , a 4 . 7 - inch screen and 8 megapixel and 2 megapixel cameras .
asked what he felt his company ' s biggest achievement has been , ram didn ' t miss a beat :
it ' s been surviving in this industry for the past 20 years ,
he said with a laugh .
it is a very tough industry .
ram said that the company has managed to position itself well with its biggest customer base — that is , in latin america — and could be poised to take advantage of consumers in the u . s . who are growing weary of the sticker shock they receive when their monthly wireless phone bills arrive .
it can feel like they have another car payment ,
ram said .
people are looking for alternatives . a significant number of new subscribers are coming from the prepaid side . they don ' t want to pay those high prices .
ram said his company continues to fight for brand recognition and
building up trust with consumers . i think it is going to take us a while to have consumers trust our products .
ram said that although his company makes high - quality phones and tablets ,
there is that gap between a very good product and an unknown brand . our task is to bridge that gap so that the customer can get a product from us and believe in its value rather than seeing it as a cheap phone or cheap tablet that won ' t work for them .
another challenge has been the company ' s share price , which has dropped low enough over the last year to risk delisting of its stock .
google ' s android chief says company doesn ' t need retail . . .
also in the verykool line of products is the $ 64 . 99 rxb1 fuelbox , a dust - , shock - and waterproof power reservoir that can charge your devices on the go .
with wireless service providers like t - mobile ' s ( jump ) , at & t ( next ) and verizon ( edge ) already offering users the option to upgrade their devices more frequently , the little - known verykool may struggle to keep up with the
kool
kids in the smartphone playground with its unlocked devices .
cherlynn low , laptop staff writer cherlynn joined the laptopmag team in june 2013 and has since been writing about all things tech and digital with a focus on mobile and internet software development . she also edits and reports occasionally on video . she graduated with a m . s . in journalism ( broadcast ) from columbia university in may 2013 and has been designing personal websites since 2001 . cherlynn low , laptop staff writer on
if you ' re going off - contract and off - road , the verykool rs90 vortex is a rugged , unlocked android phone that won ' t break the bank—just be prepared for slow mobile web speeds .
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once you get past the silly name , verykool actually has a pretty commendable mission—to provide low - cost , unlocked cell phones to a u . s . market that ' s sorely missing affordable unsubsidized options . the rs90 vortex ( $ 279 . 99 direct ) is a rugged , android - powered smartphone that ' s compatible with gsm networks like at & t or t - mobile . it ' s a decent performer and a good value for adrenaline junkies who need a phone that can take some abuse , but it makes some significant sacrifices to reach that low price .
at 5 . 67 by 2 . 98 by 0 . 48 inches ( hwd ) and 7 . 1 ounces , the rs90 has the unmistakable chunkiness of a rugged device . that ' s heavier and thicker than the
, and nearly as wide at 5 . 95 by 3 . 17 by 0 . 37 inches and 6 . 34 ounces . this is no phablet , though ; it ' s packing a relatively modest 4 . 5 - inch screen . all that heft ostensibly helps the rs90 achieve its ip67 rating , which means it ' s fully dustproof and waterproof to one meter for up to 30 minutes . there ' s a power button the left side and volume controls on the right , with a micro usb port on the bottom and flap covering a 3 . 5mm headphone jack on the top . above the display is the vga - quality front - facing camera and notification light , with capacitive menu , home , and back keys below . i prefer the standard software android back , home , and recent apps button arrangement , since the menu function is typically built into apps . holding the home button brings up the list of recent apps .
the 960 - by - 540 - pixel ips lcd may not be hd , but its 244 - pixels - per - inch density looks pretty sharp . the
, for instance , features a gorgeous 5 - inch , 1080p display , but also costs $ 759 . 99 unlocked—well over twice as much as the rs90 . viewing angles here are good , thanks to the ips technology , but color reproduction isn ' t great . whites appear too cool , with a near bluish hue that ' s more typical of amoled panels , and colors look a little dull overall . there ' s also some light bleed on the left and right edges of the display , which is more pronounced when viewing from an angle .
there ' s a 5 - megapixel rear - facing camera around back , and the textured plastic back panel slides off to reveal the 1 , 800mah battery and sim and microsd card slots . the rs90 comes in a single 2gb model , so that last slot is important if you want to store anything locally on the phone . our 32 and 64gb sandisk microsd cards worked fine during testing .
the rs90 is unlocked and compatible with gsm networks like at & t or t - mobile supporting hspa 7 . 2 data on the 850 and 1900mhz bands , and 2g on 850 / 900 / 1800 / 1900mhz bands . also on board are 802 . 11b / g / n wi - fi ( 2 . 4ghz band ) , bluetooth 2 . 1 , and gps . there ' s no lte and no higher - speed hspa + either—in our tests , the rs90 averaged 1 . 63mbps down and 1 . 82mbps up . t - mobile ' s faster hspa + 42 network averaged 8 . 5mbps down and 1 . 46mbps up in our fastest mobile networks test , so you ' re missing out on significant speed if you opt for the rs90 .
the 1 , 800mah battery is rated for 9 hours of talk time . our test was interrupted , but the rs90 turned in 12 hours of 3g talk time with 44 percent battery life remaining . this phone should have no problem lasting all day .
we tested the rs90 on t - mobile ' s network in new york city . call quality was decent , with clear voices coming through the earpiece and enough volume to overcome loud environments . the speakerphone is a bit too weak , however , and it was hard to hear outdoors . calls made with the rs90 sound full with a bit of a digitized tone to voices that can make them sound a bit harsh , and i noticed a slight , but persistent background hiss . noise cancellation is disappointing , as loud construction outside the pcmag office came through clear during my test calls . the rs90 paired easily with my
the rs90 is fully waterproof and dust - proof , but not drop - proof . i tested the waterproof rating by submerging the rs90 in a bucket of water . at first it seemed like moisture was penetrating the case . upon closer inspection , you ' ll notice that the back panel isn ' t actually sealed , but there ' s another sealed panel underneath that covers the battery and microsd card slot . after 30 minutes the rs90 emerged fully functional .
the rs90 is powered by a dual - core 1 . 2ghz qualcomm snapdragon msm8625 with 1gb ram . it ' s a modest cpu , and benchmarks were expectedly low across the board . it was handily beaten by the unlocked
in nearly every category , scoring 8 , 107 in the antutu overall system test to the nexus 4 ' s 10 , 489 . the phone notched just 13 . 85 frames per second to the nexus 4 ' s 55 . 89 in the taiji graphics test . the rs90 balked at some of the more taxing tests , completely crashing and requiring a hard reset during the glbenchmark graphics test . real world performance was also a mixed bag : apps generally launched swiftly , and the rs90 had no problem switching back and forth between multiple running apps . the chrome browser crashed a few times with multimedia heavy sites , and there was the occasional force close during testing . none of these were frequent or replicable enough to be a major cause of concern though .
android 4 . 0 . 4
ice cream sandwich ,
which is now three versions behind the current version of android ( 4 . 3 ) is installed . that means google now , project butter , and other recent android improvements are missing here . you still get access to the more than 800 , 000 apps in google play , most of which should work fine on the rs90 . it ' s also a stock version of android , so there ' s no sign of skins like with samsung or htc devices . there ' s no carrier bloatware , but there are a few removable preloaded apps , which are mostly useful , including kingsoft office and a file explorer app . you also get all the usual android perks , like a fast web browser , excellent email support , and voice - enabled , turn - by - turn gps directions via google maps .
multimedia , camera , and conclusions media support is solid . the phone played all of our test audio files and video files without issue . sound quality is good through wired headphones , but the single rear - facing speaker sounds pretty anemic . video played back at resolutions up to 1080p with no audio sync issues .
the 5 - megapixel , rear - facing camera is pretty mediocre . there are a number of issues holding it back , but the most egregious are its long shutter delay and poor exposure . it can take nearly a second between pressing the on - screen shutter and capturing a photo , which is entirely too long to be reliable . the rs90 struggled with proper exposure and dynamic range , exhibiting blown highlights and underexposed shadows in virtually every outdoor test shot . indoors , under low light , images looked grainy and a bit soft . video tops out at 480p and looks pretty awful . frame rates hover around 15fps in low light and detail is washed away by excessive image noise . the front - facing 0 . 3 - megapixel camera suffices for the occasional video chat , but not much more .
when compared with your typical carrier options , the verykool rs90 is an underachiever . but this isn ' t your typical carrier phone—few unlocked phones can match this low price . the nexus 4 represents a far better combination of features and performance for the price , but with the nexus 5 on the horizon , it ' s sold out and may not be coming back . the rs90 isn ' t cutting edge in any way , but it does offer freedom from contracts , a reasonable set of features , serviceable performance , and a waterproof design for an incredibly low price .
bottom line : if you ' re going off - contract and off - road , the verykool rs90 vortex is a rugged , unlocked android phone that won ' t break the bank—just be prepared for slow mobile web speeds .
before joining the consumer electronics team at pcmag , eugene worked at local news station ny1 doing everything from camera work to writing scripts . he grew up in montclair , new jersey and graduated from the university of virginia in 2010 . outside of work eugene enjoys tv , loud music , and making generally healthy and responsible life choices .
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mr . defrancesco has served as chairman of the board of cooltech holding since december 2016 . since september 2007 , mr . defrancesco has served as chairman & ceo of delavaco group . mr . defrancesco served as director of kalytera therapeutics ( formerly santa maria petroleum ) from july 2011 to december 2016 . from january 2014 to june 2015 , mr . defrancesco served as chairman and ceo of firm capital american realty partners ( formerly delavaco residential properties corp ) . from august 2013 to july 2016 , mr . defrancesco served as partner and executive director of kahala corp . from october 2009 to december 2010 , mr . defrancesco served as director , president and ceo of p1 energy corp . from january 2010 to december 2010 , mr . defrancesco served as co - founder and chairman of apo energy . mr . defrancesco received his b . a . from the university of western ontario .


resolution copper ( rcm ) is a joint venture owned by rio tinto and bhp billiton formed to develop and operate an underground copper mine near superior , arizona , u.s .

the project targets a deep-seated porphyry copper deposit located under the now inactive magma mine .

rio tinto has reported an inferred resource of 1.624 billion tonnes containing 1.47 percent copper and 0.037 percent molybdenum at depths exceeding 1,300 metres ( 0.81 mi ) .

the proposed mine is one of the largest copper resources in north america .

following the passage of the 2015 national defense authorization act , many native american and conservation groups fear the copper mine will destroy sacred and environmentally sensitive land .

resolution copper

on november 18 , resolution copper mining reached a milestone at its resolution copper project in arizona , . . .
resolution copper is working with regulators and the community to develop one of the world’s largest untapped deposits of copper .
this partially desert state is home to rio tinto’s resolution copper project , one of the world’s largest undeveloped copper deposits .
“back in arizona i’m hearing you’re supporting resolution copper , ” nosie recalled saying .
rcm will use the block caving mining . . . - resolution copper | facebook
makes the federal lands available to resolution copper for use for mining and related activities .
the international copper study group said worldwide demand for copper had exceeded supply in each of the last five years . resolution copper expects the mine to produce as much as a billion pounds of copper annually , about a quarter of the nation ' s copper requirement .
resolution copper mining has sunk a 7000 - feet deep shaft mine near superior that it hopes will produce billions of tons of copper .
this article was updated april 14 , 2015 , to include the response of resolution copper .
resolution copper mining ( rcm ) is a limited liability company owned 55 per cent by resolution copper company , a rio tinto plc subsidiary , and 45 per cent by bhp copper , inc . , a bhp - billiton plc subsidiary .
resolution copper estimates a two - mile wide crater will form at oak flat due to the mining .
resolution copper’s mike betom looks at the issues that matter most to the local communities surrounding our project .
resolution copper says a mile - wide copper ore body 7 , 000 feet below the ground outside superior is among the largest and richest in the world .
exchange of 2 , 422 acres of public land ( known as the oak flat parcel ) with resolution copper mining , llc ( resolution copper ) , in return for 5 , 344 acres elsewhere in arizona .
the east field of the resolution copper mine , outside superior , ariz . on april 27 , 2016 .
this document summarizes the resolution copper project and land exchange environmental impact statement ( eis ) alternatives development process .
how resolution copper is aiding arizona’s farmers in irrigating their crops , and helping preserve the state’s water supply .
taplin of resolution copper insisted the company was doing everything possible to limit potential harm caused by the mine .
resolution ' s work today is limited to land it controls and test drilling for copper outside the withdrawn land .
it was a thrill to get a chance to check out the outstanding resolution copper mine project in superior , ariz .
the resolution copper deposit lies more than a mile beneath the surface and the most viable way to recover the resolution resource is by going underground , using a process called block caving .
resolution then “banks” the equivalent groundwater as credits which it can use in future . the net result is that the groundwater used is the same as if resolution copper hadn’t been involved .
we’re very confident that resolution copper concentrate will be hitting the market just at the right time as we see copper prices starting to head in the right direction ,
he said .
the magma copper company along with the resolution copper deposit was acquired by bhp copper , inc . in 1996 . shortly thereafter , bhp closed operations at the magma mine , but exploration of the resolution deposit continued . in 2001 , kennecott exploration , a subsidiary of rio tinto , signed an earn - in agreement with bhp , and initiated a drilling program to further explore the deposit . based on the drilling conducted to date , the resolution copper deposit is one of the largest undeveloped copper deposits in the world with an estimated copper resource of 1 . 7 billion metric tons at an average grade of 1 . 52 percent copper .
terminates the authorization to undertake such activities in the oak flat withdrawal area when the withdrawal area land is conveyed to resolution copper .
documents pertaining to the proposed land exchange between the federal government and resolution copper mining , llc , are available on this website .
resolution copper is working with regulators and the community to develop one of the world’s largest untapped deposits of copper . we are currently building the foundation for a modern mine that will set industry standards .
through exploratory drilling , resolution copper mining has pulled 120 core samples — at a cost of $ 1 . 5 million each — from the underground ore body , which ranges from 1 . 5 to 3 . 5 percent copper , resolution project director andrew taplin said .
resolution copper ' s no . 10 shaft in superior , arizona is the deepest single lift mine shaft in the us . . .
still , what bothers many here is that resolution copper may be able to mine the land with little regard for the environmental impact .
they are among roughly 370 workers employed by resolution copper mining and its contractors , and they are building what could become the largest copper mine in the country . but they have yet to mine anything .
and she plans to keep it that way by asking visitors to leave whenever they bring up an uncomfortable subject : the resolution copper mine .
“we have also heard from many native american employees and contractors that work with resolution copper , who have told us of the desperate need for economic development and jobs in the copper triangle , ” he said .
tony acosta , a former miner whose family has been in the business nearly 60 years , said copper once gave the town stability and a sense of unity . but the resolution copper project has changed all that .
under the new federal law , in exchange for the 2 , 400 acres of copper - rich land from tonto national forest , resolution copper will also give taxpayers 5 , 000 acres of environmentally - sensitive land .
he said international mining companies can ' t be trusted . proponents mention that the project will lower copper prices , but the copper concentrate pulled from the mine likely would be shipped overseas to be refined into copper .
this document includes the appendices for the report that summarizes the resolution copper project and land exchange environmental impact statement ( eis ) alternatives development process .
richins said resolution copper supports the coalition ' s big - picture vision , and is
100 percent
willing to support the effort financially .
waltz’s discovery drew others to the region , who sought their own fortunes in gold , and silver and copper too . mining boomed , and in 1912 , the magma copper mine started up , supporting the construction of the town of superior , where the resolution copper project is based today .
a controversial land exchange passed as part of a defense - spending bill late last year will allow resolution copper company to begin mining a low - grade body of copper ore located 7 , 000 feet below oak flat .
resolution copper contracted the nonprofit the nature conservancy to manage one of those parcels of along the san pedro river . resolution copper ' s representative in the arrangement , celeste andersen , told america tonight that it offers vital habitat and water for wildlife and rare birds , making it a conservation priority .
located in arizona , the resolution copper project is one of the largest undeveloped copper resources in the world . it’s set to produce a billion pounds of copper per year over its 40 - year mine life , and will create about 1 , 400 jobs as well as 2 , 300 indirect jobs .
jose lopez walks along a rail track last week in a tunnel 1 , 200 feet below the surface of the east plant at superior’s resolution copper mining .
the magma mine ran until 1995 , the same year as the resolution copper deposit was discovered , deep below that historic mine . but before resolution copper could begin sinking an exploratory shaft to assess the deposit , it needed to remove the water that had naturally accumulated in the magma mine since it was abandoned .
resolution copper mining llc respects both viewpoints regarding whether the site is sacred , spokesman bill tanner said in an email . resolution is jointly owned by u . k . - based rio tinto group and australia - based bhp billiton ltd .
but the squeeze hasn ' t affected resolution ' s prospects , taplin said .
resolution copper’s proposed mining method — block - cave mining — will extract a huge amount of rock from underneath oak flat , eventually resulting in a 2 - mile - wide crater as the surface collapses into the underground void , resolution says .
before the water leaves the treatment plant , and when it arrives at its agricultural destination , resolution copper tests it to make sure it meets strict safety standards .
on one side is resolution copper mining , which is owned by the british - australian company rio tinto group and melbourne , australia - based bhp billiton ltd .
open pit mining is the way copper mining in the copper triangle and across arizona is typically done . resolution copper would use an underground mining method called block cave mining . this method has been around for decades and has both environmental and safety advantages , making it most suitable and economical for large , deep ore bodies .
instructs resolution copper to surrender , without compensation , the rights held by it under mining and other u . s . laws to commercially extract minerals under apache leap .
at the bottom of resolution copper mine’s shaft no . 10 , pumps push water to a treatment plant on the surface . water at the bottom is 175 degrees .
what should the u . s . forest service analyze as part of its environmental impact statement on the resolution copper mine ? submit your comments by july 18 to :
dave richins , resolution copper ' s adviser for external affairs , said it was a
no - brainer
to work with the coalition to open those areas .
the resolution copper mine , outside superior , ariz . , is expected to generate $ 61 billion over its lifetime and create 3 , 700 direct and indirect jobs .
the resolution mine will be able to withstand fluctuations in the market , taplin said . plus , as fewer copper mines open , or as more shut down , global copper supply will likely decline , leading to a rise in prices , he said .
resolution copper is committed to using arizona’s vital water resources wisely , making the most out of every drop through techniques that reduce consumption , recycle wastewater and protect groundwater sources .
not all arizona residents are against resolution copper ' s plan . bill vogler , a resident of superior , arizona , is one of the group ' s biggest supporters .
the copper triangle has a rich mining legacy , and we’re working to restore the historic magma copper mine’s underground operations while remediating its environmental impacts on the land around superior .
get the latest information about companies associated with copper investing delivered directly to your inbox .
taplin , from resolution , confirmed this . there are just three smelters in the u . s . that could refine the copper , two in arizona that are unlikely to have capacity for more copper , and one owned by rio tinto in utah . the resolution concentrate could either be sent to utah or out of the country , he said .
earlier in 2017 , cwg hired southwest groundwater consultants to carry out independent , quarterly testing of groundwater quality in areas associated with the proposed resolution copper mine . the first community monitoring event took place at the end of february , with both the consultants and resolution copper splitting the samples from each well and running their own tests for the same constituents .
tribes in arizona and new mexico have submitted letters to congress and the obama administration objecting to legislation that turned over 2 , 400 acres of the tonto national forest — including oak flat — to resolution copper , in exchange for 5 , 300 acres resolution owns .
under a new law , resolution copper will swap roughly 7 . 8 square miles of land scattered across arizona for roughly 3 . 8 square miles of tonto national forest , which includes oak flat . the new legislation will open up oak flat for copper mining .
resolution and the coalition have worked out a licensing agreement that essentially will amount to climbers agreeing to waive liability in exchange for access to resolution land after the swap is complete .
a spokesman for resolution copper , jointly owned by two foreign mining giants , said this week the company would not comment on the land exchange until the senate votes on it .
that prospect has won the company plenty of supporters in town . resolution copper currently employs around 300 workers in the state , including john allison , a miner with six children .
resolution will take copper from a zone where temperatures run 180 degrees fahrenheit . with help from remotely controlled machines , miners will set off explosions to shatter sections of the deposit .
the resolution copper mining general plan of operations proposes development of an underground copper mine located near the town of superior , arizona . the project would occur on a mixture of private , state and national forest lands . the resolution copper project would create one of the largest copper mines in the united states , with an estimated surface disturbance of 6 , 951 acres ( approximately 11 square miles ) . it would also be one of the deepest mines in the united states , with mine workings extending 7 , 000 feet beneath the surface .
as part of the deal , resolution copper will swap roughly 7 . 8 square miles of land scattered across arizona for roughly 3 . 8 square miles of tonto national forest , which includes oak flat . the new legislation will open up oak flat for copper mining .
prohibits anything in this act from interfering with , limiting , or otherwise impairing the unpatented mining claims or rights currently held by resolution copper on the federal land or in any way changing , diminishing , qualifying , or otherwise impacting resolution copper ' s rights and ability to conduct activities on such land under such claims and u . s . general mining laws .
sen . john mccain in the # 10 shaft , the deepest mine shaft in the u . s . at 6 , 943 feet , which resolution copper dug on private land .
the planned rosemont copper mine just south of tucson isn’t the only mining controversy in arizona .
the pressure is building , meanwhile , on kirkpatrick . resolution copper ran a series of ads in local newspapers telling kirkpatrick , “we’re counting on you to help pass this bill now . ”
( sec . 6 ) directs resolution copper to file annually with the secretary of the interior a report that indicates the quantity of valuable locatable minerals produced in commercial quantities from the federal land . requires resolution copper to make value adjustment payments to the united states based upon locatable minerals produced from such land . requires such secretary to make such reports available to the state of arizona .
the record of resolution ' s parent companies wasn ' t exactly stellar coming into this project .
requires resolution copper to agree to pay , without compensation , costs that are associated with the land exchange and any environmental review document completed pursuant to this section and agreed to by the secretary .
the international mining giant rio tinto got wind of the find and bought the mine . it then partnered with bhp - billiton to set up a subsidiary , which became known as resolution copper .
digging for copper . underneath the surface is one of the world’s largest untapped copper deposits — by some estimates , enough to supply a quarter of america’s annual demand for more than 50 years .
but the copper ore lies outside town limits and the company doesn’t need superior’s blessing to proceed .
according to usa today , resolution copper —a 55 % - 45 % joint venture between rio tinto and bhp— is expected to present a step - by - step strategy on how it plans to mine the copper ore , dispose of tailings and other waste , and bring water to the site .
terminates such withdrawal : ( 1 ) upon the completion of the land exchange , or ( 2 ) if resolution copper notifies the secretary in writing that it has elected to withdraw from such exchange .
in the meantime , resolution copper says the majority of residents in and around superior are in favor of the project . chavez and the mine ' s opponents say the town is on their side .
wood , able to speak freely now that he’s retired , says the forest service has a clear rules to permit mining on federal lands , but resolution copper’s new legislation short - circuits that process .
based in arizona’s famous copper corridor , the resolution copper mine is currently in its pre - feasibility stage . the plan , to be presented to the u . s . forest service on friday , is only the first step in a lengthy environmental review of the vast mine by the federal government .
carly leonida talks community engagement , new technologies and renewable energy with the team at resolution . . .
“the resolution copper mine will be the flagship underground mine in the u . s . , ” he said . “it’s critical we share the benefits of this project with our local and regional community . ”
resolution copper invests in mine despite obstacles the project has cost $ 1 . 2 billion so far and will take perhaps five times that amount in additional preparation work . check out this story on urltoken urltoken
closure costs added another $ 800 million to the world’s number one miner’s most disastrous acquisition to date . rio tinto became the joint venture partner on resolution copper as a result of these write - offs .
since 2005 resolution copper has been trying to arrange a land swap deal with the federal government to start mining . so far , eleven versions of a land - exchange bill have been introduced in congress .
resolution copper mining llc filed a reply in support of its motion for summary judgment on claims asserted in consolidated lawsuits it has intervened in , which were brought by the san carlos apache tribe . . .
the state’s economy is in the doldrums , and the copper triangle region in the heart of rep .
the measure would see the federal government give resolution copper 2 , 400 acres of the tonto national forest in exchange for 5 , 500 acres of ecologically valuable property across arizona . usually , land exchange bills move through congress swiftly and without much fanfare . but the copper basin jobs act has been an exception .
but critics say the move allows the company to privatize the land and make an end run around critical environmental and cultural protections . what’s more resolution copper can’t promise that any of the copper produced by the mine will remain in the united states – which raises the question : how does this help national defense ?
bill vogel retired to superior eight years ago . an avid hiker and outdoorsman , he says he joined a working group put together by resolution copper to find out more about the company’s plan in the community . today , he is one of the company’s biggest supporters and the head of the superior copper alliance .
as opposition to the land - exchange deal that gave control of the apache sacred site of oak flat to resolution copper mining intensifies , a protest march has passed through new york city and arrived in washington .
resolution copper’s proposed mine will be deep underground , so it won’t have to use the quantities of water needed by open - pit mines to control dust . instead , the main uses for water will be to cool the mine’s interior , where rock temperatures can reach 70°c , and to process the copper extracted . the concentrator , which will be used to pull copper out of the rock , will use recycled water .
resolution copper is already making preparations to mine underneath the oak flats campground , expanding its existing shafts for the day it’ll be able to start harvesting the ore that lies about 7 , 000 feet below the surface .
the gaping mouth of resolution copper mining’s no . 10 shaft is 28 feet across and opens into a sheer drop of nearly 7 , 000 feet , making it the deepest continuous mine shaft in the united states .
there is no doubt that mining changes the landscape . at resolution copper , we’re committed to protecting the land as well as the water and air surrounding it while we operate , and once our work is complete .
but oak flat also sits on top of one of the world’s largest deposits of copper ore . resolution copper mining , a subsidiary of british - australian mining conglomerate rio tinto , has sought ownership of the land for a decade , lobbying congress to enact special legislation on its behalf more than a dozen times since 2005 .
the area around superior , arizona has a long mining history starting with discovery of copper at the silver queen mine in 1875 , 37 years before arizona became a state and 30 years before the u . s . forest service was founded . the magma mine , located in the town of superior , started production in 1910 and operated until 1996 . in 1972 , magma geologists recognized the potential for a deep copper deposit in an area south of the magma mine and exploration commenced . in 1995 , the magma copper company discovered the resolution copper deposit east of superior and 1 . 2 miles south of the magma mine . the resolution copper deposit is not exposed at the surface , and lies a minimum of 3 , 300 feet below the surface .
authorizes the secretary to issue to resolution copper special use permits that allow it to carry out underground activities ( other than the commercial extraction of minerals ) under the surface of apache leap that would not disturb the surface .
prohibits this section ' s provisions from imposing additional restrictions on mining activities carried out by resolution copper adjacent to , or outside of , the apache leap area beyond those otherwise applicable to mining activities on privately owned land .
the resolution copper project , jointly owned by rio tinto and bhp billiton , could finally be moving forward . a bill that would secure key land for the project is set to pass in the us senate next week .
but because oak flat’s copper is low - grade ore , resolution insists that block cave mining is the only economically feasible technique . “that’s the method that’s been selected based on what god put there , ” peacey says .
bills in 2005 and 2006 did not pass due to lack of action , but news broke in late 2006 that renzi was being investigated for corruption . he was accused of blocking the land swap unless resolution purchased a parcel owned by a business associate to include in the swap . he assured resolution officials the deal would pass if his friend ' s land was included . resolution copper refused the deal . but the saga cast suspicion on the project .
resolution , which in 2004 acquired the shuttered magma mine operation , has so far spent more than $ 1 billion expanding the mine , including build - out of two mine shafts . before it even begins extracting copper , resolution will have spent about $ 8 billion on mine construction , including finishing an existing shaft and adding four more .
( sec . 5 ) requires resolution copper , upon receipt of title to the federal land , to convey to the secretary and secretary of the interior the non - federal land that was determined to be acceptable to them .
water and mining go hand in hand , just like water and farming . for the last decade , resolution copper has worked in partnership with local farmers , to help both sides meet their water needs in this arid state .
oak flat sits 7 , 000 feet above what resolution says is one of the largest copper deposits in the world . the company plans to break ground on the mining operation by mid - 2020 , according to its website .
some opponents are concerned about the impact a proposed copper mine would have on superior ' s landmark apache leap .
spread out over the 1 . 7 billion - ton ore body , it ' s a lot of copper .
resolution copper co . , a us - based company owned by giants rio tinto ( asx , lon : rio ) and bhp ( asx : bhp ) , is fine tuning details to submit a plan to the federal government this week , which will detail how it would run what it could be north america ' s largest copper mine .
securing ownership of mineral rights is an aspect of the mining process that generally occurs during the prospecting or exploration phases . on national forest lands , this process often involves locating mining claims . however , mining claims cannot be located on national forest lands withdrawn from mineral entry . resolution copper has been pursuing a land exchange to acquire national forest land northeast of the resolution copper deposit for approximately 10 years , because mining claims cannot be located on that land parcel .
resolution’s safety record has been better than the national industry average , data from the mine safety and health administration show .
the appraisal will be conducted by a government appraiser in accordance with federal regulations and nationally recognized appraisal standards . once the appraisal is complete , it will be made public . an additional provision of the ndaa requires resolution copper to make annual payments to the federal government during mine production in the event that the appraisal undervalues the copper resource on exchanged lands .
in december 2014 , congress passed , and the president approved , the national defense authorization act ( ndaa ) for fiscal year 2015 . section 3003 of the ndaa authorizes a land exchange between resolution copper and the united states . the purpose of section 3003 of the ndaa is to “authorize , direct , facilitate , and expedite the exchange of land between resolution copper and the united states” . as an agency within the department of agriculture , the forest service will administer the land exchange .
resolution expects it will take five years to get mine approval , and new shaft construction will take at least five more .
before mining begins , resolution must set aside funds to dismantle infrastructure and reclaim and revegetate the land after the mine closes .
and resolution has agreed to provide access to popular climbing areas called atlantis and the pond that were going to be inaccessible .
diefenderfer hopes resolution will help create new access to climbing areas . the coalition and resolution recently announced that a feasibility study is being done for a trail to apache leap that also would include building a system of mountain - biking and hiking trails .
despite the money invested , resolution has a variety of obstacles to overcome that range from
minor
details like providing cool air to the steamy depths of a shaft to the difficult task of persuading congress to allow access to the copper deposit .
under the terms of a deal approved by the u . s . government in december , phoenix - based resolution copper will take control of 2 , 400 copper - rich acres in and around oak flat . in return , the company will transfer about 5 , 300 acres of privately owned parcels of conservation land throughout arizona to the u . s . forest service .
copper output from the mine , to begin production in 2021 , is projected to meet 25 % of the internal demand .
southeast arizona land exchange and conservation act of 2013 - ( sec . 4 ) authorizes and directs the secretary of agriculture ( usda ) ( the secretary ) , if resolution copper mining , llc offers to convey specified parcels of non - federal land in gila , yavapi , maricopa , coconino , pinal , and / or santa cruz counties , arizona , that are acceptable to the secretary or the secretary of the interior , to convey certain federal land in pinal county , arizona , to resolution copper .
the resolution copper project is in what’s known as the pioneer mining district . the district has been at the heart of arizona’s mining industry since 1863 , when prospector jacob waltz laid claim to gold in a patch of desert 95 kilometres east of phoenix .
roy chavez , a former mayor of superior , ariz . , and a miner himself , says resolution copper’s method of extraction is harmful to the environment . a company spokesman insists it is eco - friendly . ( anna jeffrey / for the times )
resolution copper is a subsidiary of british - australian mining giant , rio tinto . after initially declining to speak to america tonight , project manager andrew taplin agreed to an interview after our story was published . he defended the mine as an economic boon .
after power generation , agriculture and household use , mining is one of the us economy’s biggest users of water . a critical challenge for resolution copper , therefore , is to balance the needs of a potential future operation which could supply up to 25 per cent of the copper that north america requires , with the demands for water by local communities , agriculture , and other industry .
in 2013 resolution copper filed a mine plan of operations ( mpo ) with the u . s . forest service . it outlines plans for a proposed mining facility in the area of the former magma copper mine near the town of superior , 65 miles east of phoenix . if approved , the mine will produce copper concentrate through a well - established underground mining method known as “block cave mining” used at more than 20 mining operations around the world , many of which have been in continuous operation for decades .
featherstone said that resolution is simply spending money on the project in hopes that it will encourage the government to permit the work .
ross and his spokesman did not respond to additional questions seeking examples of problems that occurred between resolution and permit - issuing agencies .
much of that opposition focuses on how resolution copper plans to extract the ore , using a relatively new practice called
block cave
mining . unlike open - pit mining , which extracts ore from above , block - cave mining captures ore from below .
vicky peacey , resolution’s senior manager of environment , permitting and communities , said the title transfer does not equate to permission to mine .
resolution ' s parent company rio tinto group says it plans to cut $ 2 billion from its budget over the next two years .
resolution ' s preferred mine - tailings area is above queen valley , visible from the arizona trail and boyce thompson arboretum state park .
“it is essential that we have sustainable water management strategies that would support our operations and meet the needs of the community , and that we protect our fresh water resources and the natural habitats they support , ” said resolution copper environmental manager , dr . casey mckeon .
but as the ore deposits collapse , the ground above subsides . resolution copper has conceded that working the area below oak flat , a rare desert riparian area four miles outside superior , will create a crater more than 2 miles wide and 1 , 000 feet deep .
uncertainty in copper pricing is the nature of a highly volatile market , said john tilton , a colorado school of mines mining economist .
the morenci mine , in southeast arizona , may soon lose its status as one of north america ' s largest producer of copper .
the chairman of the nearby san carlos apache tribe , the inter - tribal council of arizona , former miners and environmentalists vehemently oppose the land exchange . they’re up against resolution copper co . , its congressional allies and a town hungry for the jobs the mine would bring .
the southeast arizona land exchange and conservation act ( the “act” ) , p . l . 113 - 291 authorizes and directs the secretary of agriculture to enter into a land exchange with resolution copper mining , llc , superior , arizona 85173 , telephone : ( 520 ) 689 - 3456 , ( “resolution” ) on the terms and conditions and according to the procedures set forth in the act ( the “land exchange” ) .
rio tinto - along with the australian mining company bhp billiton , which owns a 45 percent stake in resolution - says it has spent 16 years and $ 1 . 3 billion on the project , including a decade acquiring acreage in the tonto national forest overlying the copper deposit .
the ore body the company seeks to mine is a deep - seated porphyry copper deposit located under the now inactive magma mine . rio has reported an inferred resource of 1 . 624 billion tonnes containing 1 . 47 per cent copper , at depths exceeding 1 , 300 metres .
the resolution copper project is a proposed copper mine that can supply the world with the copper it needs to support ongoing technological and environmental innovation . the project will generate sustainable benefits for arizona , creating several thousand direct and indirect jobs and is expected to have an economic value of several billion dollars over the estimated life of the mine . the project team is working with policy makers , regulators , businesses , leaders , native american tribes , environmental advocates and the local community to develop the project safely and in a way that protects the area’s unique environment and cultural heritage .
it’s been a long time coming , but the resolution copper project , jointly owned by rio tinto ( nyse : rio , asx : rio , lse : rio ) and bhp billiton ( nyse : bhp , asx : bhp , lse : blt ) , could finally be moving forward .
the access fund ' s curt shannon talks about recreation uses in the oak flat area near superior , the site of a future copper mine .
a sign showing the depth of a tunnel in resolution copper mining’s no . 10 shaft is attached to pipes that move water at 580 gallons a minute to pumps that send it to a water treatment facility on the surface . the mine is not likely to be operational for another 10 years .
the mine ' s opponents hold leverage over the project because , unfortunately for resolution , part of the underground copper deposit lies under a 740 - acre piece of national forest called oak flat that was withdrawn from mining activity in 1955 in part to protect 16 u . s . forest service campsites .
resolution copper project director andrew lye says that that the integrated water management process it has developed could provide a model for other parts of the world facing similar challenges . “by supplying water from alternative sources , we’re helping preserve the limited water supply in the region , and assisting the local farming community .
bhp billiton bought magma copper in 1996 for $ 3 . 2 billion . the group’s san manual copper smelter in arizona was considered to be the jewel in the crown , but barely three years later bhp was forced to put it on care and maintenance and then shut it down completely in 2003 .
on the other side is a coalition of environmentalists , native americans and even former miners whose families have worked arizona ' s copper triangle for generations .
copper is also vital in today ' s modern world , he said , and it ' s important to recognize the value the mine will create .
resolution is one of the largest undeveloped copper deposits in the world . resolution will be mined by underground methods at a mining rate of 120kt / d . in 2008 , rio tinto announced that a $ 652 million pre - feasibility report for the project was scheduled for release in 2012 . as at q4 2015 , the pre - feasibility study was in progress . in november 2014 , resolution completed the # 10 shaft to the depth of 6 , 943ft , making it the country ' s deepest shaft . total cost for the project up to date was quoted at us $ 1 billion . . . .
former rep . rick renzi ( r - ariz . ) , kirkpatrick’s predecessor in the house , wanted land owned by one of his supporters included in the exchange . resolution copper balked , and the congressman was subsequently indicted , which ended his political career . the legislation , tainted by association , died .
on march 18 , 2016 , the tonto national forest issued a notice of intent to prepare an eis for the resolution copper project and land exchange . two separate but related components will be analyzed in the eis , as well as any necessary amendments to the tonto national forest land and resource management plan :
the a - shaped headframe holds the maryanne , or auxiliary basket , that allows people to be lowered into the resolution copper mine outside superior . the basket , which has two decks that hold 12 people each , can lower riders to 6 , 820 feet below ground to a water - pumping station .
the resolution mine would also give the region a big economic boost , employing 1 , 400 people and injecting $ 20 billion into public coffers , rio tinto estimates . it could supply the united states with a quarter of its copper , putting this small town at the epicenter of the global metals market .
if resolution’s copper deposit had been discovered under private land – and not a national forest – rio tinto might have been spared the federal review and faced only state regulators . instead , the u . s . forest service is leading the study , which will consider jobs , recreation , public health and wildlife .
the project ' s numbers are staggering . the no . 10 shaft is as deep as 14 chase towers , the tallest building in phoenix . resolution plans four more like it . the mine would produce double the amount of copper generated by arizona ' s largest mine today , the morenci mine in greenlee county .
once the land is in private ownership , nepa obligations no longer apply . the legislation specifies that the resolution copper will get the land within 60 days of the publication the environmental study , before the full nepa process is completed , limiting the forest service’s ability to modify the company’s mining plans in the public interest .
congress recently authorized an exchange of land so the multinational giant rio tinto can proceed with its resolution copper mine project in eastern arizona . the land to be conveyed to the company was taken from the apache people more than a century ago , but apache today continue to claim strong cultural and religious ties to the land .
the 2 , 400 - acre land parcel near superior , ariz . , sits atop a massive copper deposit . foreign mining company resolution copper mining wants to establish a mine there . but the parcel also contains the oak flat campground , an area dotted with petroglyphs and historic and prehistoric sites , conservationists say . centuries - old oak trees , manzanita shrubs and other vegetation dominate the rocky landscape . the site is surrounded by canyons where streams flow and natural pools form in the rainy season .
in 2013 , resolution copper submitted the proposed plan of operations for baseline hydrological and geotechnical data gathering activities . the purpose of this proposal is to collect hydrological , geochemical , and geotechnical data at the location of a potential tailings storage site . tailings are finely ground rock fragments that remain after the copper minerals have been removed from the rock by a process called flotation . the hydrological , geochemical , and geotechnical data will be used to support detailed design of the facility and associated environmental analyses .
in the meantime , the company is spending $ 50 million to reclaim the old magma mine site , which extends from north of downtown superior over apache leap . “doing the reclamation was a way for us to demonstrate to the community that we would take care of the environment , ” said david salisbury , resolution copper’s chief executive .
update july 28 , 2015 : the apache might be able to save some sacred land from becoming a mine site . in june , rep . raúl grijalva , d - ariz . , introduced the save oak flat act , which would strip the earlier land deal approved by congress from the national defense authorization act and stop resolution copper from completing the massive new copper mine . a week later , the national trust for historical preservation named oak flat to its annual list of most endangered historic places .
go 7 , 000 feet underground with us and get a first - hand look at our work to safely develop one of the largest copper deposits in the world .
he envisions a transformation similar to what moab , utah , a one - time uranium - mining area , experienced when mountain bikers discovered it . he said resolution has agreed to a financial
settlement
with the coalition that will be paid once the environmental review is complete and title to the land is officially turned over to resolution .
superior , arizona , july 13 ( reuters ) - rio tinto’s proposed resolution copper mine in arizona would tunnel 7 , 000 feet underground , where rocks radiate heat from the earth’s molten core . it would suck up enough water to supply a city and leave a crater a mile and a half wide and 1 , 000 feet deep .
the massive project - which would be among the world’s largest copper mines - underscores the dangers of weakening america’s rigorous permitting process at a time mining endeavors are becoming increasingly complex and environmentally risky . and ross’s citation of resolution as a poster child for suffocating regulation reflects how far the trump administration is willing to go to advance economic growth .
“we’ve got a great story , ” resolution project director andrew taplin said . “we’re going to generate a lot of economic benefits and we want to tell our story . ”
“with that said , i am profoundly disappointed with the resolution copper provision , which has no regard for lands considered sacred by nearby indian tribes . the provision short circuits the long - standing and fundamental practice of pursuing meaningful government - to - government consultation with the 566 federally recognized tribes with whom we have a unique legal and trust responsibility .
its mining operation has a below - average rate of health and safety violations per inspection day — one measure the mining administration uses to gauge an operation’s safety . the national average for underground metal and non - metal mines over the past 15 months is 0 . 66 violations per inspection day , while resolution copper’s rate is 0 . 36 .
but just up the road , resolution copper has already completed work on a new exploratory shaft . reaching a depth of 7 , 000 feet , it is the deepest shaft in north america . according to the company ' s website , it will be used to gather information on the ore beneath , anticipating when the land will be theirs .
while the company supports permitting deadlines , at least one rio tinto official acknowledges that it would be hard to address the issues raised by the resolution mine in less than years .
it will also produce more than 1 . 3 billion tons of mud - like waste tailings — basically dirt , often toxic , left over after the copper has been extracted .
for seven years , in fact , mccain had been trying to pass some version of the southeast arizona land exchange and conservation act , which would swap 2 , 422 acres of the tonto national forest to the resolution copper mining company in exchange for a patchwork of privately owned conservation lands . but despite his best efforts , mccain’s 2012 attempt failed , too .
instructs resolution copper to submit a proposed mine plan of operations before starting production in commercial quantities of any valuable mineral from the federal land conveyed under this act , with the exception of any production from exploration and mine development shafts , adits , and tunnels needed to determine the feasibility and pilot plant testing of production or to access the ore body and tailing deposition areas .
peacey said post - mining reclamation is a priority for resolution , which has already spent $ 30 million cleaning up the mess left after superior’s magma mine closed in the mid - 1990s .
the project has cost $ 1 . 2 billion so far and will take perhaps five times that amount in additional preparation work before a single ounce of copper is retrieved from the depths .
chavez ' s family has been mining in arizona for nearly 100 years , and he spent much of his life below ground , digging out copper from the ore bodies that ring superior .
a federal government review of the project has drawn about 130 , 000 comments from concerned constituents - more than 10 times the number who gave input on the smaller rosemont copper mine nearby .
one of the most controversial components of resolution copper’s project centers on how the company plans to extract the copper . eschewing a more traditional method of mining as too expensive , the company announced it will use a cheaper method called block cave mining , which will result in a crater two miles wide and up to 1 , 000 feet deep , destroying the surface of the land . block cave mining will also generate nearly a cubic mile of mine waste , which the company proposes to leave on a parcel of forest service land , just outside the town of superior .
but featherstone believes resolution might do just that if grijalva’s bill passes . “that’s a lot of money to you and me , but not to them . their corporate culture is all about maximizing profits . ” if resolution doesn’t get what it wants , it could simply take a billion - dollar tax loss , says featherstone . “it’s just not that big of a deal to them . ”
- according to resolution , the mining operation would create about 3 , 700 jobs during peak construction and about 1 , 200 mining jobs during the project ' s 40 - year life span .
remediation of the historic magma mine tailings is essential to reducing our overall environmental impact . to date , resolution copper has dedicated more than $ 40 million to clean up a 130 - acre site that once housed a copper concentrator and smelter . from now through 2020 , we will spend approximately $ 40 million more to complete reclamation work . we continually seek to enhance our reclamation processes by integrating site remediation plans into life cycle planning for the project . our focus leads us toward innovative ways to ensure that the land we use is available for environmental and societal benefits in future .
notice of exchange proposal land - for - land exchange legal notice - december 2017 notice is hereby given that the forest service ( fs ) , united states department of agriculture , and bureau of land management ( blm ) , united states department of interior are evaluating the exchange of land with resolution copper mining llc ( resolution ) , as directed by the southeast arizona land exchange and conservation act , p . l . 113 - 291 , section 3003 ( act ) . the federal lands under the jurisdiction of the fs that are being considered for exchange are described in the notice .
taplin said the land exchange
does not circumvent the nepa process .
resolution officials suggested that if the land swap was approved , the mine plan filed with the forest service could be amended .