Rio to Spend $660 Million Extending Life of Utah Copper Mine-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • Copper scrap
  • Primary lead
  • Copper
  • Customs data
  • Market commentary
  • Nickel
  • price forecast
  • Futures movement
  • MMi Iron Ore Port Index
  • Inventory data
  • Secondary lead
  • Morning comments
  • Evening comments

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

Industry News 05:07:06PM Jun 20, 2012 Source:SMM

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.

 

Price

more
#1 Refined Cu
May.24
47010.0
210.0
(0.45%)
Standard-Grade Copper
May.24
46990.0
215.0
(0.46%)
High-Grade Copper
May.24
47030.0
210.0
(0.45%)
Guixi copper
May.24
47040.0
210.0
(0.45%)
Low-quality copper
May.24
46920.0
220.0
(0.47%)

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

Industry News 05:07:06PM Jun 20, 2012 Source:SMM

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.