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

Fragomen acquires SimpleCitizen to reinforce its immigration services
Fragomen acquires SimpleCitizen to reinforce its immigration services
By Nikita Chaurasia

In a recent turn of events, Fragomen, Del Rey, Bernsen & Loewy, LLP, a leading corporate immigration law company has reportedly joined hands with SimpleCitizen Inc. to form Fragomen Technologies Inc., a new subsidiary which will provide a combina...

Nautilus buys 17 MW portfolio from solar energy developer Pine Gate
Nautilus buys 17 MW portfolio from solar energy developer Pine Gate
By Nikita Chaurasia

Solar project development and asset management major, Nautilus Solar Energy LLC, has reportedly announced its acquisition of two solar portfolios in Rhode Island and Oregon amounting to a total of nearly 17 MW from leading solar energy developer, Pin...

Locate Bio obtains multiple late stage orthobiologics assets from RCSI
Locate Bio obtains multiple late stage orthobiologics assets from RCSI
By Nikita Chaurasia

Regenerative medicine major, Locate Bio, has reportedly announced its in-licensing of several late stage orthobiologics assets from the RCSI University of Medicine and Health Sciences. Sources state that the technologies created by the RCSI Tissue E...

Roche acquires Inflazome to gain control over inflammatory treatments
Roche acquires Inflazome to gain control over inflammatory treatments
By Nikita Chaurasia

In a recent turn of events, Swiss healthcare giant, F. Hoffmann-La Roche AG has reportedly acquired an Irish biotech firm Inflazome Ltd. for approximately USD 451 million (€380 million). As per the agreement, Roche will acquire complete rights ...

Innovent, Eli Lilly release results of ORIENT-11 trial for lung cancer
Innovent, Eli Lilly release results of ORIENT-11 trial for lung cancer
By Nikita Chaurasia

Innovent Biologics Inc., in collaboration with American pharmaceutical giant Eli Lilly and Company, have reportedly announced that the biomarker results of ORIENT-11 trials which were displayed during a mini verbal presentation at ESMO (European Soci...