Rio Tinto said it will invest US$498mil (RM2.3bil) to develop an underground mine and infrastructure in an area known as the North Rim Skarn. — Bloomberg
SYDNEY: Rio Tinto Group intends to invest about US$920mil (RM4.3bil) at its Kennecott copper operations in Utah as part of a plan to increase its supply in North America.
Demand for the material is set to surge in the coming years due to the global energy transition.
The company said it will invest US$498mil (RM2.3bil) to develop an underground mine and infrastructure in an area known as the North Rim Skarn, which will deliver about 250,000 tonnes of additional mined copper over the next 10 years.
Production from the additional operation will begin in 2024 and will ramp up over two years, the company said in a statement.
In addition to the new supply, Rio said it will invest US$300mil (RM1.4bil) to rebuild the smelter, including a furnace. —Bloomberg
