Rio Tinto Plc (NYSE:RIO), BHP Group Limited (NYSE:BHP), and the United States Forest Service (USFS) have finally completed a land exchange in Arizona. The transaction was a major hurdle for the development of the Resolution Copper project, one of the largest undeveloped copper deposits in the world.
The transaction gives Rio Tinto, the project’s majority owner with a 55% stake, control of the land required to move forward with development of the underground mine near Superior, Arizona, roughly 60 miles east of Phoenix. BHP holds the remaining 45% interest.
“Completing the land exchange is a significant milestone and another positive step forward for the Resolution Copper project, which has the potential to satisfy up to 25% of America’s copper demand for decades to come,” Rio Tinto CEO Katie Jackson said in a statement.
“As demand for copper continues to grow, projects like Resolution can play an important role in strengthening domestic supply chains,” she added.
Upholding the Decision
Under the terms of the exchange, Resolution Copper transferred more than 5,400 acres of environmentally and culturally sensitive land in Arizona to the USFS …
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