Rio Tinto: investment in Resolution copper mine will increase to US $2 billion to meet the huge demand for copper in the future

Published: Apr 15, 2019 10:59

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SMM4 15-according to Bloomberg reported that with the increase in demand for copper, Rio Tinto (Rio Tinto Group) will further increase its investment in the Resolution copper mine in Arizona, USA.

Jean-Sebastien, Rio's chief executive, said Resolution was "one of the most important undeveloped copper projects in the world". The rise of electric vehicles, the high demand for battery storage, the development of new transmission technologies and the demand for other environmentally friendly energy sources will all contribute to a sharp increase in demand for copper. For example, the use of copper in electric vehicles is twice as much as that in internal combustion engines. So the company needs to be prepared now to meet future needs.

Rio (Rio Tinto) expects investment in the Resolution copper mine in Arizona to reach $6 billion, and its copper production will meet 1/4 of domestic demand.

The project will help Rio close the gap with Freeport-McMoRan 's Gragsberg copper mine and make up for the loss caused by the delay in Oyu Tolgoi's planned production expansion.

Rio Arnaud Soirat said the environmental licensing process was under way and could be completed by 2021.

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