BHP-Backed Copper Project Secures 2,400 Acres, Commits $500M Investment
BHP and Rio Tinto partnership secured approximately 2,400 acres near the Magma Copper mine after a federal appeals court upheld 2014 legislation for Resolution Copper project. BHP will commit $500 million over two years to drilling, community support and infrastructure, creating about 100 jobs and boosting its copper supply pipeline.
1. Land Exchange Finalized
Resolution Copper, co-owned by Rio Tinto (55%) and BHP (45%), finalized a US Forest Service land exchange acquiring about 2,400 acres near the Magma Copper mine while transferring roughly 5,400 acres to national conservation areas. The Ninth Circuit appeals court upheld the 2014 legislative mandate to enable project development.
2. Investment and Development Plans
BHP will invest $500 million over two years to fund surface drilling, community support, infrastructure improvements and initial underground works, expecting to create around 100 new jobs. These activities will proceed alongside ongoing state permitting and stakeholder consultations with local communities and Native American tribes.
3. Strategic and Economic Impact
The Resolution Copper project aims to meet up to 25% of US copper demand for decades, with estimates of adding $1 billion annually to Arizona’s economy and creating thousands of long-term jobs. Success of this development could significantly enhance BHP’s copper reserve base and growth pipeline.