Rio Tinto Launches $500m Arizona Drilling for 18M-Tonne Copper Project
Rio Tinto has launched a $500m drilling programme at Arizona's Resolution Copper as it eyes mid-2030s production of over 18 million tonnes, potentially supplying 25% of U.S. demand despite local smelting hurdles. The group also shut its Diavik diamond mine after a $79m loss in 2025, refocusing on base metals.
1. Resolution Copper Timeline and Drilling Programme
Rio Tinto has set mid-2030s as the target for commencing operations at the Resolution Copper mine in Arizona and initiated a $500m drilling programme in previously inaccessible sections to advance resource development.
2. Smelting Challenges and Export Plans
The company may need to export a portion of copper concentrate due to high domestic smelting costs, highlighting the requirement for viable processing solutions to convert concentrate into cathode form for manufacturing wires and other products.
3. Production Scale and U.S. Demand
Resolution Copper is projected to yield more than 18 million tonnes of copper over its lifespan, which could satisfy over a quarter of current U.S. consumption, marking a major strategic asset in Rio Tinto’s portfolio.
4. Diavik Diamond Mine Closure and Strategic Refocus
Rio Tinto ended operations at the Diavik diamond mine after 23 years and a $79m loss in 2025, completing its exit from the diamond sector and reallocating capital toward core assets including iron ore, copper, aluminium and lithium.