Rio Tinto Plans to Begin Copper Mining at Arizona’s Resolution Deposit by Decade’s End
Rio Tinto is aiming to start copper extraction at the massive Resolution deposit in Arizona by the late 2020s, according to CEO Jacob Stausholm in a recent interview with Bloomberg TV. The Resolution deposit, one of the world's largest untapped copper resources, is estimated to hold more than 1.2 billion tons of ore at depths ranging from 1.5 to 2.1 kilometers, with an average copper grade of 1.5%.
Once operational, the mine is expected to produce 450,000 tons of copper concentrate annually, with a projected mine life of 40 years. Rio Tinto, which owns 55% of the deposit (the remaining 45% is held by fellow Australian mining giant BHP), estimates that the project could supply about 25% of the United States' annual copper demand.
Discovered in 2004, the deposit has faced delays due to opposition from local Indigenous groups, who argue that the mine threatens sacred land situated above the deposit. The permitting process, initiated by the mine's previous operator, Resolution Copper, in 2013, has since been stalled by these concerns, even reaching the U.S. Presidential Administration.
Despite these setbacks, over $2.6 billion has already been invested in project preparation. Stausholm’s comments may suggest that Rio Tinto has garnered support from at least one candidate in the upcoming U.S. presidential election, potentially paving the way for necessary mining permits by 2025 or 2026.
The successful development of the Resolution mine could play a key role in the U.S. copper supply chain, as demand for the metal grows due to its critical use in renewable energy, electric vehicles, and other technological applications.
