Name of the Project
Resolution copper mining (RCM) project.
Location
Arizona, in the US.
Project Owner/s
Resolution Copper Mining, owned by Resolution Copper Company (55%), a subsidiary of Rio Tinto, and BHP Copper (45%), a subsidiary of BHP.
Project Description
Resolution is one of the most significant undeveloped copper deposits in the world.
When fully operational, the project has the potential to supply nearly 25% of the US’ copper demand.
Potential Job Creation
The project is expected to create several thousand direct and indirect jobs in the Pioneer mining district of Arizona.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
Funding for the project is proportional among the project partners.
Planned Start/End Date
BHP reported in January 2021 that any mine construction is expected to be several years away and will be subject to additional regulatory and government approvals, as well as stakeholder consultation, including with the relevant Native American tribes to seek consent.
Latest Developments
A US House of Representatives committee has voted to include language in a wider budget reconciliation package that would block Rio Tinto from building the RCM.
The San Carlos Apache tribe and other Native Americans have said that the mine will destroy sacred land where they hold religious ceremonies. Elected officials in nearby Superior, Arizona, have said the mine is crucial for the region's economy.
The House Natural Resources Committee has folded the Save Oak Flat Act into the $3.5-trillion reconciliation spending measure. The full House could reverse the move and the legislation faces an uncertain fate in the US Senate.
If approved, the Bill will reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process to give Rio federally owned Arizona land that contains more than 40-billion pounds of copper in exchange for acreage that Rio owns nearby.
Former President Donald Trump gave the land swap final approval before leaving office in January this year, but successor Joe Biden has since reversed that decision, leaving the project in limbo.
The final reconciliation budget is expected to include funding for solar, wind and other renewable-energy projects that require immense volumes of copper. Electric vehicles use twice as much copper as those with internal combustion engines. The Resolution mine could supply about 25% of the demand for US copper.
Rio Tinto has said that it will continue consultation with local communities and tribes. Rio CEO Jakob Stausholm plans to visit Arizona later this year.
Representatives for the San Carlos Apache tribe? and BHP Group, which is a minority investor in the project, could not be reached for comment.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Resolution Copper Mining, tel +1520689 9374 or email info@resolutioncopper.com.
Resolution Copper Mining project information line, tel +1520689 3409.