NEWS
Copper  

Rio Tinto’s Resolution copper project in Arizona moves a step closer

Rio Tinto on Friday said it had moved a step closer to the development of a new copper project in Arizona, one of the few known major deposits of the metal, with the potential to meet around a quarter of U.S. demand.

Miners have been scouring the globe for new sources of copper – a mineral they predict will be in high demand as the world shifts towards renewable power and electric vehicles.

Resolution Copper, 55% owned by Rio Tinto and 45% by BHP , has spent years waiting for clearance from U.S. authorities to develop the underground mine.

Resolution Copper, 55% owned by Rio Tinto and 45% by BHP , has spent years waiting for clearance from US authorities to develop the underground mine

On Friday, Rio Tinto said a 90-day public consultation would begin now that the U.S. States Forest Service had released a draft environmental impact statement (DEIS) following a six-year review of the planned mine.

The indepth review lays out the environmental challenges, solutions to them and benefits of the mine and is part of the final regulatory phase the project needs to clear.

Arnaud Soirat, Rio Tinto’s chief executive for copper and diamonds, said in a statement the publication of the DEIS was “a major permitting milestone” and the mine could meet up to 25% of U.S. copper demand.

Estimates so far suggest it could produce 40 billion pounds of copper over a 40 year-period.

U.S. Forest Service documents also say that minerals on the U.S. critical minerals list such as cobalt, manganese and vanadium could be present in “elevated concentrations” at Resolution.

Rio Tinto and BHP will have spent more than $2 billion to develop and permit the project by 2020, which is the deadline for the Forest Service to produce a final environmental impact survey.

Resolution can then come up with a finalised mine design, which could take several years, and begin construction.

U.S. President Donald Trump has emphasised the need for the United States to develop its own resources as he stokes trade tensions with China.

All commodity markets have come under pressure from the U.S. trade dispute with China but Soirat said long-term copper market fundamentals were strong.

“Rio Tinto will be well positioned to benefit from this demand outlook and to provide North American manufacturers with the materials that are essential to their products,” he said.

Mining projects notoriously take longer than expected and Rio Tinto’s share price has been hit by delays at its giant underground copper expansion project Oyu Tolgoi in Mongolia.

News No: 5870
Date: 2019/08/12 - 18:07
News Source: MINING.COM

Rio Tinto  copper  Arizona  US  Mongolia 

Comments:

Leave a Comment:

   
   
   
 

Australia approves IMO fuel legislation

Australia has passed legislation to ensure the country will comply with tighter global marine fuel specifications that take effect from next year.
 

Saudi oil minister seeks trust for deeper cuts

Saudi Arabia's oil minister Prince Abdulaziz bin Salman today called for faith and trust as the Opec+ producer group strives to formalize an agreement to deepen output cuts.
 

Argentinian LSFO bunker demand up Jan-Sept

Argentinian residual fuel oil bunker sales rose by 39 percent in the first nine months of the year, supported by the pending global low sulphur marine fuel regulation.
 

Bolivia hopes to revive Acron urea, gas deal

Bolivia's interim government is hoping to salvage a commercial agreement with Russian fertilizer giant Acron to produce and distribute urea in Brazil.
 

Citgo raises light crude rates, fuel exports

Venezuela's US refining subsidiary Citgo increased light crude processing and fuel exports in the third quarter, the company said today.
 

China continues it push on electromobility; EVs to account for 25% of annual new LCV sales in 2025

Despite the continuous drop in sales of electrified vehicles after the subsidy cut in June, Beijing continued its push on the automakers towards building more electric vehicles. The message was conveyed in the draft “development” plan of the Ministry of Industry and Information Technology for the domestic electrified vehicle industry covering 2021-35.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners