The Conversation (0)
The Arizona Republic reported that Rio Tinto (NYSE:RIO) is still confident in copper and in its massive Resolution copper mine despite weak copper prices.
The Arizona Republic reported that Rio Tinto (NYSE:RIO) is still confident in copper and in its massive Resolution copper mine despite weak copper prices.
As quoted in the publication:
Rio Tinto, which owns 55 percent of the project in a partnership with BHP Copper Inc., anticipates a significant supply crunch globally by the time the mine is in production.
“What is happening in the market yesterday, today, tomorrow is not relevant,” said Jean-Sébastien Jacques, CEO of Rio Tinto’s copper and gold group, during a recent stop in Phoenix. “We are very bullish on copper. We believe it is the right commodity and the right property.”
Jacques acknowledged the current market weakness and oversupply that is leading some mines to close. Just days after his visit, in fact, Phoenix-based Freeport-McMoRan Inc. announced it would close its Sierrita copper and molybdenum mine in Green Valley that earlier this year employed 1,300 Arizonans before the cuts began.