This morning in metals news, miner Rio Tinto announced Monday it will commit an additional $302 million toward the Resolution Copper project in Arizona, Rusal made its first post-sanctions U.S. investment and copper prices rose Monday.
Rio Tinto Announces $302M Additional Investment
Miner Rio Tinto announced Monday it will pitch in an additional $302 million toward the Resolution Copper project.
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“Resolution is one of the most significant undeveloped copper deposits in the world and this additional funding demonstrates Rio Tinto’s commitment to bring the mine into production,” Rio Tinto CEO JS Jacques said. “The comprehensive permitting process is well underway with the Environmental Impact Study on track to be completed next year according to the regulators schedule.
“The rise of electric vehicles, battery storage, new transmission technology and other green energy innovations are highly copper intensive. We need to prepare now to meet this future demand. Resolution will be well positioned to provide North American manufacturers the copper that is essential to their products.”
According to the company release, a fully operation Resolution project could supply one-fourth of U.S. copper demand.
Rusal Makes U.S. Deal
Russian aluminum giant Rusal, previously staring down U.S. sanctions, has made its first post-sanctions U.S. investment, Reuters reported.
According to the report, Rusal is partnering with U.S. manufacturer Braidy Industries to build a mill in Kentucky.
Copper Prices Rise
According to another Reuters report, copper prices made gains Monday on positive economic data from China and lower inventory.
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The copper price on the LME and SHFE ticked up 0.4% and 0.8%, respectively.