Rio Tinto Approves $144 Million for Arizona Copper Project

Rio Tinto approved $144 million in additional spending for the Resolution Copper project in Arizona to advance engineering and underground development. The investment includes $79 million directly from Rio Tinto and will fund equipment purchases, water treatment, and feasibility studies.

The funding follows a March land exchange that transferred 2,400 acres near Superior to the venture in exchange for 5,400 acres of conservation land provided to the federal government. The United States Court of Appeals for the Ninth Circuit recently denied petitions to block this exchange, removing a significant legal obstacle for the project.

The venture, owned 55% by Rio Tinto and 45% by BHP, estimates the mine could eventually supply 25% of U.S. copper demand. However, the project faces ongoing opposition from the San Carlos Apache Tribe and Apache Stronghold, who argue that underground mining will cause land subsidence and destroy the sacred Oak Flat site.