Rio Tinto to Invest $1.5 Billion at Utah Copper Project
December 03 2019 - 12:10PM
Dow Jones News
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.
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