Rio Tinto Strives to Get Access to a Large Copper Deposit in Arizona

Rio Tinto Group is getting support from two key Senate Republicans - and Indian tribe opposition - as it seeks congressional backing for a land swap that would give the company access to copper resources in Arizona, AZ Central reported.
Resolution Copper Co. Vice President Jon Cherry told a Senate panel that the company already has spent $750 million studying the feasibility of the mine and must now persuade its parent company, Australia-based Rio Tinto, to invest $6 billion to develop the project. But that could be difficult if the Senate does not soon approve a land exchange to allow the mine's development, Cherry said.
Both Republican senators from the state testified at a recent hearing in favor of a measure that would give the company access to 2,422 acres of federal land that Rio Tinto says holds the world’s third-largest undeveloped copper resources. Senators John McCain and Jon Kyl said Rio Tinto’s development would create 3,700 jobs, provide a fourth of U.S. copper supply and generate $20 billion in federal, state and local revenue.
The House of Representatives has passed a bill allowing London-based Rio Tinto, the world’s third-largest mining company, to acquire the property in exchange for about 5,300 acres Rio says are “high-quality conservation lands,” chosen with input from the U.S. Forest Service and the Interior Department. The Senate is now considering whether to propose legislation.
Shan Lewis, the president of the Inter Tribal Council of Arizona, told the lawmakers the 20 Indian tribes represented by the organization oppose the land swap because it includes sites of cultural significance. They include Devil’s Canyon, Apache Leap and the Oak Flat campground, he said.

Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished