90 workers lose jobs at Lisbon Valley Mine

by Bill Boyle
San Juan Record Editor
The Lisbon Valley Mine terminated 45 employees and furloughed an additional 45 on November 20, sending a shock wave through the area.
One of the largest private employers in the region, the copper mining and milling operation about 20 miles northeast of Monticello retained 70 employees as it moves forward on what it calls a “significant restructuring effort.”
The announcement leaves dozens of area residents without employment during the winter months and facing an uncertain future.
Despite the significant short-term challenge, company officials are optimistic, stating the Lisbon Valley Mine will transition from a small-tier to a mid-tier operation with the development of the Lone Wolf Pit in 2025.
In a release, company officials said, “As the re-set plan is implemented, the company projects over 200 employees, which would be the largest employment base in Lisbon Valley’s history.”
 It is anticipated that the 45 furloughed employees could return to work as early as March.
The workforce for the operation has been spread across the area, drawing employees from San Juan and Grand counties in Utah, Dolores, Montezuma, Montrose, and San Miguel counties in Colorado, the northern Navajo Nation, and beyond.
Company officials state that a newly hired Chief Operations Officer has experience in building similar mines around the world, including in the U.S., Canada, Kazakhstan, and Africa.
The Lone Wolf Pit is said to contain approximately 500 million pounds of copper reserves with significant expansion potential if the necessary permits can be secured. Officials add that the process to secure the permits for this copper deposit “is in advanced stages toward completion.”
Just less than half of the previous workforce was retained to implement the new plan. While the Lisbon Valley Mine has provided employment over the years since it first produced copper in 2006, there have been periodic changes in production over the years.
When asked if the current restructuring is similar to a 2020-21 lay-off, Lisbon Valley replied, “This ‘strategic re-set’ is not at all like the 2020 time period, which was driven by economic impacts from the Covid 19 virus. 
“The plan is designed to set the foundation to grow and operate the mine over a 15-20 year mine life.”
Copper prices have been favorable over time. Copper futures are currently $4.12, compared to a low of $2.17 during Covid 19.
Talking about the future, the statement adds, “As we conclude 2024, the Company will focus on strengthening our foundation.
“Throughout 2025, the Company plans to build back a skilled employment base, to ensure sustainable growth, providing meaningful and fulfilling employment opportunities for the local communities for many years.”