Rio Tinto Bets on Trump Approving Giant Copper Mine, Expected to Meet a Quarter of US Copper Demand Recovery

After a 12-year battle over permits, global mining giant Rio Tinto is betting that the Trump administration will ultimately approve its massive copper mine in Arizona, US.

Rio Tinto CEO Jakob Stausholm said in a media interview, "I do believe we now have a great opportunity to move this project forward. We have made significant progress."

Stausholm was referring to the proposed underground copper mine "Resolution," which first submitted its mining plan to the US Forest Service in 2013. Once fully developed, it is expected to become the largest copper mine in North America.

According to Rio Tinto's official website, Resolution will use a technique called "block caving" to mine deposits more than 2,000 meters deep. It "is expected to meet up to 25% of US copper demand and create thousands of direct and indirect jobs."

Source: Rio Tinto Official Website

Rio Tinto holds a 55% stake in the project, while the remaining 45% is owned by another mining giant, BHP. Stausholm stated, "If they (the US government) want to reduce reliance on imports of critical minerals like copper, this would be a good thing."

Previously, the permitting process for Resolution was delayed for a long time due to complex land ownership exchange arrangements, water issues, opposition from Native American tribes, and the Biden administration's inconsistent policies.

Currently, the fate of the mine depends on the US Supreme Court, which is expected to rule in the coming days on a case brought by the San Carlos Apache Tribe. The tribe opposes the mine's development, arguing that establishing the mine would harm their spiritual beliefs.

Last year, after winning the election, Trump promised to expedite regulatory approvals for investors with investments exceeding $1 billion in the US, stating, "Anyone investing $1 billion or more in the US, whether an individual or a company, will receive fully accelerated approvals and permits."

Although Trump has yet to announce many mining-related appointments, his nominee for Secretary of the Interior, Doug Burgum, holds a pro-industry stance. As Governor of North Dakota, he actively promoted the development of the energy sector.

Industry executives also revealed that the Pebble copper-gold project in Alaska is expected to receive final approval under the leadership of the new US administration.