Rio Tinto ramps up spending on Resolution Copper in US
Rio Tinto will spend another $302m on its Resolution copper project in the US, amid the rise of batteries and electric cars.
Rio Tinto will spend another $302 million on its Resolution Copper project in Arizona to fund additional drilling, ore-body studies and infrastructure improvements.
The funding commitment comes as Rio Tinto looks to progress the project to the final stage of the permission phase.
“Resolution is one of the most significant undeveloped copper deposits in the world and this additional funding demonstrates Rio Tinto’s commitment to bring the mine into production,” Rio Tinto chief executive JS Jacques said.
“The rise of electric vehicles, battery storage, new transmission technology and other green energy innovations are highly copper intensive.
“We need to prepare now to meet this future demand.
“Resolution will be well positioned to provide North American manufacturers the copper that is essential to their products.”
Rio Tinto said the project, which is now in its seventh year of a comprehensive environmental review and approval process, has the potential to supply nearly 25 per cent of US copper demand when it’s fully operational.
It will create several thousand direct and indirect jobs in the Pioneer Mining District of Arizona, Rio said.
The review and approval process, currently being conducted by the US Forest Service under the National Environmental Policy Act, has involved numerous public meetings as well as hundreds of government to government consultations between the Forest Service and Native American tribes.
