Rio Tinto commits $302m to Resolution copper project in Arizona
Source - SMW
Rio Tinto said it had committed $302m to its Resolution copper project in the US state of Arizona.
The investment would fund additional drilling, ore-body studies, infrastructure improvements and permitting activities, the company said.
Resolution had the potential to supply nearly 25% of US copper demand, it added.
'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,' said chief executive JS Jacques said.
'The comprehensive permitting process is well underway with the environmental impact study on track to be completed next year according to the regulators schedule.'
'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.'