Rio Tinto sees potential in Resolution Copper mine near Superior despite low prices
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Copper prices might be dragging today, but executives with London-based Rio Tinto have full confidence that the world will need more of the red metal by the time the Resolution Copper Project near Superior opens in several years.
The metal has been trading near the $2-a-pound range because of weak demand, particularly from China, which has been using almost half the global supply amid its development.
But the Resolution mine near Superior won’t be producing copper for a decade or so, depending on permitting and preparation work to access the ore body that lies more than a mile below the surface. As recently as 2011, the metal was trading for more than $4 a pound.
