Rio Tinto Secures 2,400 Acres for Copper Project, Commits $500m Investment
Rio Tinto's 55%-owned Resolution Copper project secured 2,400 acres in a land swap with the US Forest Service and transferred 5,400 acres for conservation, following a Ninth Circuit decision on March 13. The company will invest $500m over two years in drilling, infrastructure and community support, adding about 100 jobs.
1. Land Swap Finalized
Resolution Copper, with Rio Tinto holding a 55% stake and BHP 45%, acquired 2,400 acres near Arizona’s Magma Copper mine and transferred 5,400 acres of sensitive land to National Conservation Areas after a Ninth Circuit ruling upheld the exchange.
2. Funding and Development Plans
The partnership will allocate $500m over two years to surface drilling for resource assessment, infrastructure upgrades, initial underground development and support for Native American tribes and local communities as part of enabling works.
3. Economic and Community Benefits
The project is expected to create around 100 new jobs, potentially meet up to 25% of US copper demand, add $1bn annually to Arizona’s economy and maintain ongoing engagement with stakeholders and permitting authorities.