Skip to Content
Global News Select

Rio Tinto to Invest $1.5 Billion at Utah Copper Project

By Anthony O. Goriainoff

 

Rio Tinto PLC (RIO.LN) said Tuesday that it will invest $1.5 billion over the next six years at its Kennecott copper operation in the U.S.

The Anglo-Australian miner said the investment will start in 2020 and is included in the company's capital-expenditure guidance of $7.0 billion in 2020, and $6.5 billion for both 2021 and 2022 as development capital.

The company said that this was a high-value and low-risk investment that will ensure the Utah-based operation produces copper and other critical materials until at least 2032.

"Kennecott is uniquely positioned to meet strong demand in the U.S. and delivers almost 20% of the country's copper production...this investment means it will continue to be a source of essential materials into the next decade," Rio Tinto said.

Shares closed down 55.50 pence, or 1.3%, at 4174.50 pence.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

December 03, 2019 11:55 ET (16:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.