Rio Tinto is investing $1.5 billion in the Salt Lake City-based Kennecott copper mine to extend its life until at least 2032. The move reinforces its bet on America and will guarantee job security for thousands of workers.
“Today I look at our market share, we may be 10 percent of the market share in the U.S. It's a very profitable market for us. And therefore, investing one point five billion dollars in this mine makes an awful lot of sense" Rio Tinto CEO JS Jacques told FOX Business exclusively.
The investment will allow the mining giant to tap a new area of the ore body and help with the extraction of critical minerals – including rhenium, which is necessary for the defense industry and the building of fighter jets, among other things. Once the investment is complete, the mine is expected to produce approximately 1 million tons of copper between 2026 and 2032.