Mining boss Ellison tells investors: ‘I hate what I’ve done’
The executive has been pressured to explain why the company made historical payments to offshore entities he controlled.
Rio Tinto (ASX: RIO) aims to start churning out copper from a long-delayed mining project in Arizona by the end of the decade, according to chief executive officer Jakob Stausholm.
“From a permitting point of view, we are towards the end of the process,” Stausholm said Thursday in an interview with Bloomberg TV. “We’re talking towards the end of the decade that we can have production.”
Rio’s Resolution mine in Arizona would, if completed, supply more than a quarter of US copper demand for decades. But it’s strongly opposed by Native American groups concerned that the project will destroy a sacred tribal site. The project has faced numerous setbacks, and the permitting process has dragged on for over 12 years.
The Resolution project is owned 55% by Rio and 45% by BHP Group.
(By Jacob Lorinc)
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2 Comments
Gary Westerdale
Rio has been developing Resolution for 20 years and has spent $2 Billion on this project. Production is scheduled for 2031.
Kunarso
We need more detailed information about China Investor in Copper Mining.