Rio Tinto Approves $144 Million to Advance Resolution Copper

Scope of the Investment

Rio Tinto (LSE: RIO) said on November 5, 2026 that Resolution Copper will invest $144 million to advance its copper project near Superior, Arizona. Rio Tinto’s share is $79 million. BHP (ASX: BHP) owns the remaining 45% of the joint venture, which Rio Tinto operates.

The program funds feasibility studies and final design engineering for installing material handling equipment at the development and production levels of the project’s two shafts. The orebody lies between 5,000 and 7,000 feet underground.

The remainder goes to new water treatment facilities, continued exploration drilling, underground development and production equipment, and long-lead electrical equipment.

After the Land Exchange

The approval follows the joint venture’s completion of the federal land exchange with the U.S. Forest Service on March 16, 2026. In the exchange, Resolution Copper received more than 2,400 acres adjacent to the historic Magma mine in Superior and placed more than 5,400 acres into protection. It followed a decade of consultation and a March 13 Ninth Circuit ruling that denied the plaintiffs’ requests to stop the exchange.

When the exchange closed, Rio Tinto committed about $500 million over two years to enabling works, including surface drilling, funding for Native American Tribes and local communities, and land-exchange costs. The $144 million approved on November 5 is additional to that program.

“Following completion of the historic land exchange in March, this investment is another important step in advancing the project.”

— Katie Jackson, Chief Executive, Copper, Rio Tinto

Jackson said the funds would position the project for its next investment decision. Rio Tinto did not give a date for that decision, a capital cost estimate or a first-production target.

Resolution in Rio Tinto’s and BHP’s Portfolios

Resolution is Rio Tinto’s development-stage U.S. copper interest, alongside the producing Kennecott complex in Utah. Rio Tinto says the mine has the potential to supply up to 25% of U.S. copper demand and contribute about $1 billion a year to Arizona’s economy.

For BHP, the 45% stake is its principal U.S. copper interest. BHP has no current U.S. copper production; its producing copper assets are led by Escondida in Chile.

GSR’s guide to listed companies with copper projects in the U.S. compares Rio Tinto and BHP with other U.S. producers and developers by output, resources and development stage. Our copper stocks list covers the wider global universe.