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     aeresearch.net

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

Zomato net loss triples to USD 46 million despite 75% jump in revenues

Zomato net loss triples to USD 46 million despite 75% jump in revenues

By Nikita Chaurasia

Indian food delivery giant Zomato Limited has reported a net loss worth USD 46 million in Q4 of FY2021-22 despite witnessing a 75% growth in revenue to USD 156 million as opposed to USD 89 million it earlier recorded during the fourth quarter of the ...

Facebook-owner Meta to share more data on political advertisements

Facebook-owner Meta to share more data on political advertisements

By Nikita Chaurasia

Facebook-parent Meta Platforms Inc has recently announced that it would provide additional data from its public ad database regarding the targeting decisions made by publishers running social and political-issue advertising. As a part of the expan...

Massachusetts finds first 2022 monkeypox case in the United States

Massachusetts finds first 2022 monkeypox case in the United States

By Nikita Chaurasia

The Massachusetts Department of Public Health has recently reported the first case of a rare infection called monkeypox in a man who recently visited Canada. According to Boston’s public department, the identified case is no threat to the pu...

Russia denies plans of blocking YouTube & cutting off from the internet

Russia denies plans of blocking YouTube & cutting off from the internet

By Nikita Chaurasia

The Digital Development Minister of Russia has reportedly stated that the country is not planning to block Google’s video streaming platform YouTube as such a move would affect its users and will therefore be avoided.  It is worth notin...

Indian food delivery giant Swiggy to buy Dineout from Times Internet

Indian food delivery giant Swiggy to buy Dineout from Times Internet

By Nikita Chaurasia

Swiggy, an Indian food delivery giant, has recently announced an agreement with Times Internet to buy Dineout, a dining and restaurant technology platform. Swiggy will use the acquisition to enter the dining out (non-delivery) market, where it will c...