This morning in metals news, mining company Rio Tinto PLC is planning on digging deeper underground for copper, a metals trader who pleaded guilty to fraud charges last week is cooperating with U.S. prosecutors in an investigation of trading practices at the the world’s biggest banks and the Justice Department is seeking to dismiss a lawsuit filed by mining company Twin Metals Minnesota, which is seeking the reinstatement of federal leases so it can operate on land in northeastern Minnesota.
Rio Tinto PLC Eyes Mid-2020s for $6-8B Mining Operation
As readily mineable copper supplies dwindle, one company has decided to simply dig deeper.
Mining company Rio Tinto PLC is preparing for a new mining operation, estimated to cost $6 billion to $8 billion, which will seek to dig about a mile underground, the Wall Street Journal reported. According to the article, the Arizona mine — which is pending regulatory approval — could meet the demand of approximately one-fourth of U.S. demand.