Commodities
Rio Tinto to Invest Almost $1 Billion in Utah Copper Mine
- Decision includes adding 250,000 additional tons over a decade
- Rio says metal demand growing due to energy transition
The Kennecott copper mine in Utah.
Source: Rio TintoThis article is for subscribers only.
Rio Tinto Group intends to invest about $920 million at its Kennecott copper operations in Utah as part of a plan to increase its supply in North America. Demand for the material is set to surge in the coming years due to the global energy transition.
The company said it will invest $498 million to develop an underground mine and infrastructure in an area known as the North Rim Skarn, which will deliver about 250,000 tons of additional mined copper over 10 years next.