Rio Tinto Ltd (ASX: RIO) shares are on the move on Tuesday morning.
At the time of writing, the ASX 200 mining giant’s shares are up 2.5% to $158.45.
Why are Rio Tinto shares rising today?
The mining giant’s shares are trading higher following the release of an update on one of its key copper growth projects.
In addition, a rebound in the ASX 200 index today after a positive start to the week on Wall Street may also be supporting sentiment.
The benchmark index is currently up 0.35% in early trade.
What was the update?
This morning, Rio Tinto revealed that Resolution Copper, a joint venture between Rio Tinto (55%) and BHP Group Ltd (ASX: BHP) (45%), has completed a long-awaited land exchange with the United States Forest Service.
It notes that the milestone clears the way for the next phase of development at the Resolution Copper project in Arizona, which is considered one of the world’s largest untapped copper deposits.
Completion of the land exchange follows a decision by the U.S. Court of Appeals for the Ninth Circuit on 13 March. The court ruled in favour of Resolution Copper and the federal government, denying requests from plaintiffs seeking to halt the exchange.
Under the agreement, Resolution Copper has transferred more than 5,400 acres of environmentally and culturally sensitive land into protected areas, including land containing special status species habitats, riparian areas, and Native American cultural sites. In return, the project has received over 2,400 acres of land near the historic Magma copper mine in Superior, Arizona.
The land exchange was originally authorised by legislation passed with bipartisan support in 2014. Since then, the project has undergone more than a decade of consultation and coordination with civil society organisations, local communities, and Native American Tribes.
Major investment planned
Resolution Copper also revealed plans to invest approximately US$500 million over the next two years to support enabling works at the project.
This funding will support activities including surface drilling to gather additional resource information, upgrades to existing infrastructure, initial underground development work, and programs to support Native American Tribes and local communities.
The work is also expected to create around 100 new jobs and will take place alongside ongoing engagement with communities and the state-level permitting process.
Commenting on the development, Rio Tinto’s Copper chief executive, Katie Jackson, said:
Rio Tinto is building a stronger copper business with a pipeline of large, long-life resources that can help meet growing global demand for the materials needed for electrification, infrastructure and modern technologies. 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.
It’s expected to add $1 billion a year to Arizona’s economy and create thousands of local jobs in a region where mining has played an important role for more than a century. As demand for copper continues to grow, projects like Resolution can play an important role in strengthening domestic supply chains. We acknowledge the support of the U.S. Government and its growing recognition of the need for domestic sources of copper and other critical materials.
The post Rio Tinto shares charge higher on big copper news appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.