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Rio Tinto Calls for Faster U.S. Copper Mine Permitting
Rio Tinto's Chief Commercial Officer, Bold Baatar, has urged U.S. president-elect Donald Trump’s incoming administration to prioritize expediting the permitting process for critical mining projects, like the stalled Resolution copper mine in Arizona. According to Baatar, this move is essential to ensure a sufficient supply of copper, a key material needed for the energy transition.
Resolution Copper Mine and Its Importance
Rio Tinto, in partnership with BHP Group, is developing the Resolution copper mine, which has the potential to supply more than 25% of the U.S.’s domestic copper demand. However, mining projects globally are often delayed for years due to lengthy permitting processes, Baatar explained during a speech at the Financial Times commodity summit in Singapore.
The Resolution mine's development has been halted by legal challenges, particularly from Native American groups. These groups oppose the project because it threatens a sacred site for the San Carlos Apache tribe. The new administration’s stance on the mine could determine whether development progresses or remains in legal limbo.
Rio Tinto's Commitment and Future Plans
Baatar emphasized that Rio Tinto is committed to working with Native American communities to address their concerns. Meanwhile, the company is focusing on expanding its presence in Argentina, particularly through the Rincon lithium project and its $6.7 billion acquisition of Arcadium Lithium.
Shifting Market Demands for Iron Ore and Lithium
As for Rio’s core business, Baatar highlighted the rising demand for higher-grade iron ore in China, driven by the energy transition and the growing electric vehicle sector. This demand is helping to offset the decline in housing sector steel consumption.
