Resolution Copper, a partnership involving Rio Tinto with a 55% stake and BHP holding 45%, has concluded a significant land exchange with the US Forest Service (USFS), advancing one of the world's largest undeveloped copper deposits.
The exchange facilitates the next stage of work and development planning for the Resolution Copper project.
The completion comes after a decision on 13 March by the US Court of Appeals for the Ninth Circuit, which sided with Resolution Copper and the federal government, rejecting the plaintiffs' attempts to halt the exchange.
Through the land exchange, Resolution Copper acquired roughly 2,400 acres near the Magma Copper mine in Arizona, US.
The company transferred roughly 5,400 acres of environmentally sensitive and culturally significant land to be integrated into National Conservation Areas, ensuring long-term conservation and supporting habitat preservation and cultural heritage protection.
This land exchange was initially set in motion by legislation passed in 2014 with bipartisan backing.
Over the years, extensive consultations with various stakeholders including local communities such as the Town of Superior and Native American Tribes have influenced its development.
In conjunction with this transaction, Resolution Copper has announced an additional investment of approximately $500m over two years.
This funding will facilitate enabling works like surface drilling for further resource assessment, support for Native American Tribes and local communities, infrastructural improvements and initial underground development.
These projects are expected to create around 100 new jobs.
The upcoming activities will proceed alongside continued engagement with local stakeholders and state-level permitting processes.
Rio Tinto copper chief executive Katie Jackson said: “Rio Tinto is building a stronger copper business with a pipeline of large, long-life resources that can help meet growing global demand for the materials needed for electrification, infrastructure and modern technologies.
“Completing the land exchange is a significant milestone and another positive step forward for the Resolution Copper project, which has the potential to satisfy up to 25% of America's copper demand for decades to come. It is expected to add $1bn a year to Arizona’s economy and create thousands of local jobs in a region where mining has played an important role for more than a century.”
Earlier this month, Rio Tinto secured a financing package totalling $1.17bn (£872.27m) to advance the Rincon lithium project in Salta Province, Argentina.
