Rio Tinto to invest additional $302m in Arizona copper mine project
By Nikita Chaurasia  Date: 2019-04-16

Rio Tinto to invest additional $302m in Arizona copper mine project

Green energy innovations such as the electric vehicle, transmission technologies and battery storage are highly copper intensive

Rio Tinto is reportedly planning to invest another $302 million for advancing its Resolution copper project, located in the state of Arizona, U.S.

Sources with knowledge on the matter stated that this move forms part of the company’s efforts to increase its access to the metal, which is being used in major applications ranging from electric cars to batteries. The added investment would bring the total financing by Rio Tinto in the project, 55% of which is owned by Rio and the remaining 45% by partner BHP, to more than $2 billion since 2004.

Supposedly, the new funds would be directed towards financing ore-body studies, additional drilling, improvements to the infrastructure and allowing activities required to advance this project to the final stage of the permitting phase.

Green energy innovations such as the electric vehicle, transmission technologies and battery storage are highly copper intensive and Rio Tinto aims to be ready for meeting any future demand, sources remarked.

When in production, the Resolution project is expected to supply nearly 25% of the copper demand in the U.S. for 40 years. The company claims it is seeking ways to start Resolution operations one or two years earlier, by pursuing engineering changes. Development of the project seems to be more complicated, since it is located on U.S. federal land.

Sources informed that a draft environmental study on the project is anticipated to be posted by the U.S. Forest Service in the coming summer, following which American Indian groups as well as other communities would be able to provide feedback.

Rio Tinto is looking to advance many other of its copper projects as well, including the Berenguela in south-eastern Peru and the Winu project with Antipa Minerals in Western Australia. The world’s second largest miner has further applied for exploration permits in the northern part of Chile, the leading copper producing country.

About Author

Nikita Chaurasia    

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Ikea buys Geomagical Labs to enhance AI-based visualization for users
Ikea buys Geomagical Labs to enhance AI-based visualization for users
By Nikita Chaurasia

Ikea, the leading home décor and furnishing giant, has recently acquired Geomagical Labs, which is a startup developing artificial intelligence-based imaging. Geomagical Labs has been developing various technologies based on computer vision t...

Insight unveils new Tech Journal for small & midmarket businesses
Insight unveils new Tech Journal for small & midmarket businesses
By Nikita Chaurasia

Insight Enterprises, a renowned US-based technology company and an integrator of the Insight Intelligent Technology SolutionsTM for companies of all sizes, reportedly unveiled a new magazine titled Tech Journal. This magazine would be published each...

Tesla CEO Elon Musk reveals plans to build ventilators for COVID-19
Tesla CEO Elon Musk reveals plans to build ventilators for COVID-19
By Nikita Chaurasia

U.S. auto giant Tesla, Inc.’s CEO, Elon Musk has recently made headlines when he announced that his company is planning to develop ventilators for COVID-19 patients. The move comes after the United States government’s latest appeal for do...

Google News launches Project Oasis to support local entrepreneurs
Google News launches Project Oasis to support local entrepreneurs
By Nikita Chaurasia

Google News has apparently launched Project Oasis in partnership with the University of North Carolina, Table Stakes co-founder Doug Smith, and LION Publishers. The partnership is aimed at helping the founders and aspiring founders of digital ne...

Pfizer collaborates with BioNTech to develop coronavirus vaccine
Pfizer collaborates with BioNTech to develop coronavirus vaccine
By Nikita Chaurasia

Increasing numbers of coronavirus cases worldwide have prompted researchers to develop a potential vaccine candidate to treat COVID-19 patients. Pfizer Inc., one of the leading American pharmaceutical companies, has reportedly collaborated with BioNT...