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Rio Tinto plans to strengthen its investments in one of the largest copper projects in the world, the Anglo-Australian miner seeking to tap demand for a metal used in all fields, from electric vehicles to batteries.
The company announced Monday that it would invest an additional $ 302 million in the Resolution Copper project in Arizona. This will bring the total investment between Rio Tinto and its minority partner BHP Billiton to $ 2 billion since 2014.
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When the project is operational, it should be able to supply nearly a quarter of the demand for copper in the United States. The group is working with US regulators to obtain environmental approval.
"The ramp-up of electric vehicles, battery storage, new transmission technology and other green energy innovations requires a large amount of copper," said Rio Tinto Chief Executive JS Jacques. "We must prepare now to meet this future demand."
The miners turned to copper, considered one of the most promising products, as new projects would be needed to meet the strong global demand for the metal. The price on the London Metal Exchange rose 13% from its lows in January as part of a broad recovery in the commodities market. However, it is still down about 11% from the high levels recorded last summer.
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