Rio Tinto (ASX:RIO) has committed $302 million of additional capital to advance its Resolution Copper project in the US state of Arizona.
The investment will fund additional drilling, ore-body studies, infrastructure improvements and permitting activities as Rio looks to progress the project to the final stage of the its permitting phase.
When fully operational, Resolution has the potential to supply nearly 25 per cent of the United States copper demand and will create several thousand direct and indirect jobs in the Pioneer Mining District of Arizona.
Rio says Resolution is one of the most significant undeveloped copper deposits in the world and this additional funding demonstrates Rio Tinto’s commitment to bring the mine into production.
Shares in Rio Tinto (ASX:RIO) are trading 0.61 per cent higher at $101.12.