CITY OF MELBOURNE (dpa-AFX) - On Thursday, Rio Tinto (RIO) approved a $144 million investment in the Resolution Copper project in Arizona, including $79 million from its share.
The funding will support the project's next development phase at one of the world's largest undeveloped copper deposits, which could become a major domestic copper source for the U.S.
The funding will cover feasibility studies and final engineering designs for material handling equipment in both shafts and new water treatment facilities. It will also support exploration drilling, purchases of underground mining and production equipment, and long-lead electrical equipment.
On the NYSE, the shares were trading at $127.55 in the pre-market hours. The shares in regular trading closed on Wednesday 3.93 percent down
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