Rio Tinto : to Invest $1.5 Billion at Utah Copper Project
By Anthony O. Goriainoff
Rio Tinto PLC (RIO.LN) said Tuesday that it will invest $1.5 billion over the next six years at its Kennecott copper operation in the U.S.
The Anglo-Australian miner said the investment will start in 2020 and is included in the company's capital-expenditure guidance of $7.0 billion in 2020, and $6.5 billion for both 2021 and 2022 as development capital.
The company said that this was a high-value and low-risk investment that will ensure the Utah-based operation produces copper and other critical materials until at least 2032.
"Kennecott is uniquely positioned to meet strong demand in the U.S. and delivers almost 20% of the country's copper production...this investment means it will continue to be a source of essential materials into the next decade," Rio Tinto said.
Shares closed down 55.50 pence, or 1.3%, at 4174.50 pence.
Write to Anthony O. Goriainoff at email@example.com