U.S. copper frenzy grows as Rio Tinto plans $1.5 bln Utah mine expansion

Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across the United States. The move more than doubles the mining industry’s recent investment in U.S. copper projects, as Tesla Inc and other automakers demand more of the red metal for electric vehicle motors and other components. The expansion project, which Rio said will generate “attractive returns” without elaborating, is set to get underway next year. …read more

Source:: Yahoo Finance