Rio Tinto Invests To Strengthen Copper Supply In U.S.; $498M Of Funding Has Been Approved To Deliver Underground Development And Infrastructure For An Area Known As The North Rim Skarn
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Rio Tinto is investing $498 million in its Kennecott operation near Salt Lake City, Utah, to strengthen its copper supply in the US. The investment will increase production from underground mining and improve key assets, with production from the North Rim Skarn commencing in 2024.
June 20, 2023 | 2:07 pm
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Rio Tinto's $498 million investment in its Kennecott operation will strengthen its copper supply in the US, potentially increasing the company's market share and revenues.
The investment in the Kennecott operation will increase production from underground mining and improve key assets. This will help Rio Tinto meet the growing demand for copper in the US, which is a key material for domestic manufacturing and the energy transition. As a result, the company's market share and revenues are likely to increase.
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