Land Exchange Unlocks One Of The World's Largest Copper Deposits

Benzinga03-17 18:46

The transaction gives Rio Tinto, the project's majority owner with a 55% stake, control of the land required to move forward with development of the underground mine near Superior, Arizona, roughly 60...

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BHP holds the remaining 45% interest.\n\"Completing the land exchange is a significant milestone and another positive step forward for the Resolution Copper project, which has the potential to satisfy up to 25% of America's copper demand for decades to come,\" Rio Tinto CEO Katie Jackson said in a statement.\n\"As demand for copper continues to grow, projects like Resolution can play an important role in strengthening domestic supply chains,\" she added.\nUnder the terms of the exchange, Resolution Copper transferred more than 5,400 acres of environmentally and culturally sensitive land in Arizona to the USFS for inclusion in national forests and conservation areas. The acreage includes riparian habitats, areas containing special-status species, and locations tied to Native American cultural heritage.\nIn return, the company received approximately 2,400 acres of land adjacent to the historic Magma copper mine, where the Resolution deposit lies between 5,000 and 7,000 feet below the surface.\nThe land exchange follows a March 13 decision by the United States Court of Appeals for the Ninth Circuit, which upheld a lower court ruling rejecting opponents’ requests to block the transfer.\nThe court determined that the Forest Service's final environmental impact statement constituted a final agency action and that there was no legal basis to halt the exchange mandated by Congress in the 2014 National Defense Authorization Act.\nThe project has the potential to become the largest copper mine in North America. It has an estimated resource of over 40 billion pounds of copper with 1.5% grade, which is triple the global average.\nOver a potential 40-year mine life, the operation could supply copper, an essential material for electric vehicles, renewable energy systems, electronics, and grid infrastructure. Meanwhile, the global market is already in a structural deficit.\nResolution Copper also announced roughly $500 million in additional preliminary investment over the next two years to fund drilling, infrastructure upgrades, and early underground development, while supporting local communities and tribal engagement.\nDespite those objections, multiple courts have declined to block the land swap. Meanwhile, the current administration has been vocal about the importance of critical resources.\n\"The national security of America depends on our ability to harness the abundant natural resources we are blessed with in this country,\" said U.S. Agriculture Secretary Brooke L. Rollins.\nPresident Donald Trump has publicly backed the development, which aligns with several executive orders aimed at expanding domestic energy and critical mineral production.\nPrice Action: Rio Tinto shares were down 0.09% at $89.78 during premarket trading on Tuesday, according to Benzinga Pro data. BHP Group shares were down 0.74% at $69.79.\nPhoto by Adwo via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620442178","isCrawlerRequest":true}