Rio Tinto clears $144 million Resolution Copper investment months after court dispute

BHP

Thu 14:05

Nov 5 (Reuters) - Rio Tinto RIO.AX on Thursday approved a $144 million investment to advance development of the Resolution Copper project in Arizona, months after gaining control of the land needed for the mine following a lengthy court fight with Native American groups.
Here are more details:
The project, which could be one of the largest US sources of copper, is operated by a joint venture 55% owned by Rio Tinto and 45% by BHP BHP.AX
The investment follows a long legal fight that saw Rio gaining control of the required acreage, with the case pitting the religious rights of the San Carlos Apache people against rising demand for copper
The world's largest iron ore producer has increasingly pivoted toward copper. In July, it posted its highest half-year earnings in years driven by strong contributions from the metal
The investment, which includes Rio Tinto's $79 million share, will fund feasibility studies and design engineering to install mining equipment and water treatment facilities
The Anglo-Australian miner expects the project to create about 50 additional roles
Rio Tinto in March said it aimed to open the mine by the mid-2030s. The project is slated to produce more than 40 billion pounds (18.1 million metric tons) of copper over its life and supply more than a quarter of US demand
Copper prices have been closely tied to the AI boom, as the metal is a key component in the infrastructure needed to support the technology

(Reporting by Nichiket Sunil in Bengaluru; Editing by Jonathan Ananda)
((Nichiket.Sunil@thomsonreuters.com;))