Rio Tinto has greenlit a US$144 million (AU$220 million) funding injection to propel the next development phase at the Resolution copper project in Arizona, home to one of the world’s largest undeveloped copper deposits.
The new capital allocation, with Rio Tinto contributing US$79 million for its 55 per cent stake alongside joint venture partner BHP, follows the completion of a landmark land exchange in March. The latest investment builds on roughly US$500 million in preliminary spending announced earlier this year.
The funding package will back feasibility studies and final design engineering for production-level material handling equipment across two underground shafts, as well as new water treatment facilities. Funds are also earmarked for ongoing exploratory drilling, essential underground machinery, and long-lead electrical infrastructure.
Positioned between 1,500 and 2,100 metres underground near Superior, Arizona, the deposit is poised to become a cornerstone of North American critical mineral supply.
Once operational, the mine could supply up to a quarter of total US copper demand for decades while contributing approximately US$1 billion annually to Arizona’s state economy.
Around 50 specialised operational and technical roles will be created immediately across geotechnical, geological, engineering, and project management disciplines to support the expanded works.
Rio Tinto Copper CEO Katie Jackson underscored the significance of the project for regional economic growth and mineral security.
“Resolution Copper has the potential to supply up to 25 per cent of America’s copper demand for decades, strengthen domestic supply chains and deliver significant economic benefits for Arizona,” Jackson said.
“Following completion of the historic land exchange in March, this investment is another important step in advancing the project.
“These funds will accelerate underground development, create additional skilled roles and ensure Resolution Copper is well positioned for its next investment decision, while maintaining safe underground operations and construction.”
The Resolution Copper project is managed through a joint venture structure comprising Rio Tinto, with 55 per cent, and BHP holding the remaining 45 per cent.
