22nd Jan 2025 10:38
(Alliance News) - Rio Tinto PLC believes the administration of US President Donald Trump will give approval to a huge copper mine in Arizona that has been held up for 12 years, the Financial Times reported on Wednesday.
Rio Chief Executive Jakob Stausholm told the newspaper in an interview: "I do think that we have really good chances now to progress that project. We have made a lot of progress."
A mining plan for the Resolution mine was first submitted to the US Forest Service in 2013, the FT said. Fully developed, it would be the biggest copper mine in North America. The project is 55% owned by the UK's Rio Tinto and 45% by Australia's BHP Group Ltd.
The proposed underground mine is located 60 million east of Phoenix. It would target a deposit more than 2,000 metres deep. It has the potential to supply 25% of US copper demand, according to Rio Tinto.
Rio said it remains in talks with the Native American tribes in the area, though it noted that a lawsuit against the project has been filed by Apache Stronghold.
Rio Tinto shares were down 0.4% to 5,005.00 pence in London on Wednesday morning. BHP shares closed down 2.0% to AUD39.80 in Sydney.
By Tom Waite, Alliance News editor
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