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Rio Tinto invests $302m in US copper project

Rio Tinto has said it plans to sink another $302m (£230m) in a US copper project which will be able to supply nearly a quarter of the countrys demand.

The investment brings the total spent by Rio Tinto and its partners on the Resolution Copper project in Arizona up to more than $2bn.

Read more: Rio Tinto subsidiary throws $500m at new mine to keep production flowing 

It comes 15 years after work began on the project, which is still waiting for approval from US authorities.

“Resolution is one of the most significant undeveloped copper deposits in the world and this additional funding demonstrates Rio Tintos commitment to bring the mine into production,” said chief executive Jean-Sebastien Jacques.

The project is in its seventh year of an environmental review and approval process by the US Forest Service. The environmental impact study is expected to be completed next year.

Read more: London miner Central Asia Metals looks for acquisitions in copper space

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