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

By Reuters News

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

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