Rio Tinto to invest $302m in US Resolution copper project
Miner looking to take advantage of green energy market
Rio Tinto on Monday said it would invest an extra $302m (£231m) to develop its US Resolution copper project as it sought to capitalise on the growing green energy market.
The cash will be used to fund additional drilling, ore-body studies, infrastructure improvements and permitting activities, the miner said in a statement.
Located in the state of Arizona, Resolution is 55% owned by Rio and 45% by BHP.
“When fully operational, Resolution has the potential to supply nearly 25% of the US copper demand and will create several thousand direct and indirect jobs in the Pioneer Mining District of Arizona,” Rio said.
Chief executive Jean-Sebastien Jacques called Resolution “one of the most significant undeveloped copper deposits in the world”.
"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,” he said.