Rio to Spend $660 Million Extending Life of Utah Copper Mine

Jun. 20 (Bloomberg) - Rio Tinto Group (RIO), the world's third- largest mining company, said will invest $660 million extending the life of its Bingham Canyon copper mine in Utah by 11 years through to 2029.

The additional spending over seven years will allow average annual production of 180,000 metric tons of copper, 185,000 ounces of gold and 13,800 tons of molybdenum from 2019 to 2029, London-based Rio said today in a statement.

"We continue to evaluate underground options that will further extend the life of Bingham Canyon, which has already been in operation for more than 100 years," Andrew Harding, chief executive officer of Rio Tinto's copper unit, said in the statement.