Rio Tinto Seeking Approval for New Mine In US; Chinese Copper Bar Down

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It looks as though Rio Tinto is ready to break ground. The company is “set to submit a mine plan to U.S. authorities this week for its $6 billion Resolution project in Arizona, which could become the largest copper producer in North America, a spokesman said on Thursday,” reports Reuters.

“Resolution, 55 percent owned by Rio Tinto and 45 percent owned by BHP Billiton, could produce more than 1 billion pounds of copper a year at its peak, according to Rio Tinto’s web site.”

“‘On Resolution we are focusing on the submission of our Mine Plan of Operation to the U.S. Forest Service this week,’ Rio Tinto spokesman David Luff said.”

“Development of the mine hinges on a land swap with the U.S. government first proposed by Resolution eight years ago, but the exchange has yet to win approval from Congress due to opposition from environmental and native American groups.”

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With a decline of 0.9 percent on Wednesday, November 13, Chinese copper bar recorded the biggest price drift of the day. The cash price of Chinese copper weakened by 0.9 percent. Chinese copper wire ended the day after a 0.8 percent drop yesterday. Chinese bright copper scrap held its value on Wednesday.

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Following a couple days of improvement, the price of US copper producer grade 122 weakened by 0.8 percent. After improving for two days, the price of US copper producer grade 110 declined 0.8 percent. Weakening prices followed two days of improvement as the price of US copper producer grade 102 dropped 0.7 percent. After a 0.4 percent increase, the cash price of primary Japanese copper finished the day.

The primary copper cash price saw a 0.1 percent decline on the LME to $7,124 per metric ton. Also on the LME, the 3-month price of copper saw little movement yesterday at $7,128 per metric ton.