The US Forest Service has released the definitive Environmental Impact Statement (FEIS) for Rio Tinto and BHP’s Resolution Tiner copper mine project in Arizona (previous post). The publication comes after more than seven years of public and eleven years of tribal consultation. This reflects a delay from the target date set by the Obama administration for July 2020.
The decision of whether to invest fully in the development of the project, a planned underground mine in Arizona and one of the most significant undeveloped copper deposits in the world remains the subject of further approval procedures and a feasibility study that will be carried out over several years.
The resolution of the copper deposit ranges from 5,000 to 7,000 feet (1,500 to 2,130 m) below the surface. It is one of the largest undeveloped copper deposits and has an average copper content of around 1.5%.
Ore production from the operation will be approximately 132,000 tons (120,000 tons) per day after extensive construction and ramp-up times. It is estimated that the mine will produce up to 40 billion pounds of copper in 40 years.
Resolution Copper states that it is determined to continue its engagement with Indian tribes and seek approval before deciding how to develop the project, consistent with the International Council on Mining and Metals (ICMM) Declaration on Indigenous Peoples and Mining.
Resolution Copper began the permit process in 2013, with the US Forest Service conducting a comprehensive, independent review under the National Environmental Policy Act (NEPA) and multiple administrations over seven years.
The final EIS is now subject to 45 days of additional public review and comment before the US Forest Service issues a final record of the decision. After the US Forest Service process, further approvals will be carried out with other authorities and a detailed feasibility study will be carried out over several years to inform investment considerations on the project. If an investment decision is made, it is estimated that it will take about 10 years to build infrastructure for Resolution Copper in preparation for mining to begin.
Resolution Copper Mining is a limited liability company, 55% owned by Rio Tinto and 45% owned by BHP. The funding is proportional between the project partners. Project partners have so far spent more than $ 2 billion (Rio Tinto stake $ 1.1 billion) on the development and approval of the Resolution Copper project, including reclaiming the historic magma copper mine site and sinking a second well into the mining depth and the rehabilitation of an existing shaft. Extensive drill and ore body testing, as well as the permit and public inclusion process.
The release of the final EIS triggers a land swap approved by Congress under the Obama administration in 2015, in which Resolution 5,459 acres of high-quality wildlife sanctuary around Arizona transfers to the federal government and in return takes over 2,422 acres of land.
Posted on Jan 16, 2021 in Manufacturing, Materials, Mining | Permalink
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