Indonesia pressures commodity firms with earnings rule
Indonesia plans to force commodity firms to keep their export earnings onshore for at least a year.
Rio Tinto (ASX, LON, NYSE: RIO) said on Wednesday it is very optimistic about US President Donald Trump granting it the final permits for its long-delayed Resolution copper project in Arizona.
The mining giant has faced a 12-year permitting battle to develop the Resolution mine, which has the potential to supply more than a quarter of the US domestic copper needs for decades.
“I do think that we have really good chances now to progress that project,” chief executive Jakob Stausholm told the Financial Times. “We have made a lot of progress.”
Development progress on the mine remains tied up in US courts, partly due to opposition from Native American groups. The mine’s development would create a massive crater, impacting a sacred site where Arizona’s San Carlos Apache tribe conducts religious ceremonies.
Stausholm noted that Rio Tinto remains in discussions with Native American tribes, emphasizing the company’s commitment to United Nations principles that require obtaining full consent from Indigenous groups before proceeding with mining on traditional lands.
Rio Tinto owns a 55% stake in the Resolution project, while BHP holds the remaining 45%. The deep underground mine, once operational, is projected to produce up to 1 billion pounds of copper annually.
The world’s second largest miner has been expanding its copper business to meet an anticipated surge in global demand that could outpace supply.
Its massive Oyu Tolgoi copper mine in Mongolia, which began underground production in 2023, is expected to become the world’s fourth-largest copper mine by 2030.
As part of its growth strategy, Rio Tinto has formed partnerships with other major players in the copper industry, including Chile’s state-owned copper producer Codelco.
Rio has also teamed up with First Quantum Minerals (TSX: FM) to advance the La Granja project in Peru, ranked as the world’s fifth-largest copper deposit.
The company is also testing innovative technologies to extract copper more sustainably. Its Nuton bioleaching technology, developed in partnership with Arizona Sonoran Copper (TSX: ASCU), aims to recover copper from tailings.
The Resolution copper mine is among several projects expected to benefit from Trump’s regulatory policies, which include fast-tracking approvals for companies investing over $1 billion in the US.
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