Rio Tinto will invest an extra $US302 million ($421 million) to develop its Resolution copper project in the US state of Arizona, as it looks to expands output to meet the lucrative market for new energy vehicles.
The funds would be used to bankroll additional drilling, ore-body studies, infrastructure improvements and permitting activities, with the miner aiming to advance the project to the final stage of the permitting phase, it said in a statement to the Australian Stock Exchange.
“The rise of electric vehicles, battery storage, new transmission technology and other green energy innovations are highly copper intensive,” Rio Tinto CEO Jean-Sebastien Jacques says.Credit:Bloomberg
Resolution, owned 55 per cent by Rio and 45 per cent by BHP Group, is one of the “most significant undeveloped copper projects in the world”, chief executive Jean-Sebastien Jacques said.
“The comprehensive permitting process is well under way, with the environmental impact study on track to be completed next year according to the regulators’ schedule,” he added.