Resolution Copper, a joint venture between Rio Tinto Group (ASX:RIO) and BHP Group (ASX:BHP), and the United States Forest Service completed a land exchange, transferring over 5,400 acres of land containing special status species, riparian areas, and Native American cultural sites for inclusion in National Forests and National Conservation Areas and in return receiving over 2,400 acres of land adjacent to the Magma copper mine in Superior, Arizona, Resolution Copper said in a statement Tuesday.
The joint venture also said that additional preliminary spending of around $500 million over two years will support enabling works including surface drilling, funding to support Native American Tribes and local communities, as well as costs associated with the land exchange.
Rio Tinto owns a 55% stake in Resolution Copper, while BHP holds 45%.
Shares of both mining giants rose past 1% in recent trading on the Australian bourse.
Comments