Rio Tinto Approves $498 Million Investment in Utah Copper Operation
21 June 2023 - 12:46AM
Dow Jones News
By Joe Hoppe
Rio Tinto said Tuesday that it will invest $498 million to
deliver underground development infrastructure for an area known as
the North Rim Skarn, part of the Kennecott operation near Salt Lake
City, Utah.
The world's second-biggest miner by market value said the
investment is intended to strengthen its copper supply in the U.S.,
by increasing underground mining production and improving the
health of key assets.
Production from the Skarn will start in 2024 and is expected to
ramp up over two years, delivering around 250,000 metric tons of
additional mined copper over the next 10 years, alongside open cut
operations.
This follows on from a $55 million investment first disclosed in
September to start underground mining in an area known as the Lower
Commercial Skarn. Underground production there started in February,
and is expected to deliver around 30,000 tons of additional copper
through to 2027.
"We are investing to build a world class underground mine at
Kennecott and strengthen our processing facilities, to meet the
growing demand for copper in the United States, a key material for
domestic manufacturing and the energy transition," Rio Tinto Copper
Chief Operating Officer Clayton Walker said.
The investments are included in Rio Tinto's capital investment
guidance for 2023 to 2025.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
June 20, 2023 10:31 ET (14:31 GMT)
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