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Rio Tinto and BHP have committed a further $US144 million to their Resolution Copper project in Arizona, advancing one of the world’s largest undeveloped copper deposits towards a potential production start in the mid-2030s.
The investment represents another step in the project’s long development journey, although significant permitting and legal risks remain before a final construction decision can be made.
Rio Tinto (ASX: RIO), which holds 55 per cent of Resolution Copper, has approved a $US79 million contribution, with joint venture partner BHP (ASX: BHP) holding the remaining 45 per cent.
The funding will support feasibility studies, final engineering designs, underground development and procurement of equipment required to progress the project near Superior, Arizona.
Work will include designs for development and production-level material handling equipment in the mine’s shafts, new water treatment facilities and supporting rail infrastructure.
The program also covers exploration drilling, underground mining equipment and long-lead electrical components, including transformers, circuit breakers and switchgear.
Resolution Copper plans to recruit an additional 50 employees across mining, geology, geotechnical services, engineering and project support.
The investment follows the completion of a land exchange in March 2026, which enabled the project to progress after a lengthy legal dispute over access to land required for development.
Resolution Copper president Vicky Peacey said the funding would build on that milestone and advance work towards a future investment decision.
“This investment builds on the momentum created by the historic land exchange and marks another important step towards unlocking Resolution Copper’s potential,” Peacey said.
“Resolution is one of the world’s largest untapped copper deposits and can become a major new source of copper for the United States, supporting American industry, jobs and economic growth for decades to come.”
The deposit lies between approximately 1500m and 2100m underground and has the potential to become one of America’s largest copper mines.
According to the project company, development could generate thousands of direct and indirect jobs and contribute approximately $US1 billion annually to Arizona’s economy.
Peacey said the latest program would maintain momentum while prioritising safe underground operations.
“We are moving forward with urgency and discipline. This program will accelerate underground development and our path towards first copper production while maintaining safe underground operations and construction, positioning the project strongly for its next investment decision.”
For Rio Tinto and BHP, Resolution remains a significant long-term copper growth opportunity as demand for the metal increases.
However, the latest funding represents development expenditure rather than a commitment to build the mine, with permitting, legal proceedings and further investment approvals still determining its path to production.
Read more: Copper supply deficit could reach 44 per cent by 2050
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