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Stock impact report

Rio Tinto targets mid-2030s for Arizona copper mine opening [Yahoo! Finance]

Rio Tinto Plc (RIO) 
US:NYSE Investor Relations: riotinto.com/investors-87.aspx
Company Research Source: Yahoo! Finance
The mining company may have to export a portion of its copper concentrate because of difficult smelting economics in the US, a senior executive told Reuters Rio Tinto recently secured control of the necessary acreage for the project. This comes after a protracted legal battle where increasing US demand for copper conflicted with the San Carlos Apache people's religious rights. The Resolution project is set to produce more than 18 million tonnes (mt) of copper throughout its lifespan, potentially meeting over a quarter of US demand. Rio Tinto has now initiated a $500m drilling programme at previously inaccessible sections of the deposit. The copper concentrate from Resolution will require smelting into cathode form for manufacturing wires and other products. In the US, Rio Tinto operates the Kennecott copper mine and smelter in Utah, while Freeport-McMoRan manages another smelter. In a separate development in Canada, Rio Tinto's Diavik diamond mine officially closed follow Show less Read more
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