Rio Tinto plc Sponsored ADR (RIO.US) bets on Trump to "green light" a large copper mining project in the US that has been on hold for 12 years.

According to foreign media reports on Wednesday, after a 12-year approval dispute, Rio Tinto plc Sponsored ADR (RIO.US) is betting that US President Trump will ultimately give the green light for its large Resolution copper mine project in Arizona. Rio Tinto plc Sponsored ADR CEO Jakob Stausholm said in an interview, "I do believe that we now have a good opportunity to move this project forward. We have made great progress." The Resolution copper mine submitted a mining plan to the US Forest Service in 2013. Once fully developed, it will become the largest copper mine in North America, producing up to 1 billion pounds of copper annually, meeting 25% of the total US demand. Rio Tinto plc Sponsored ADR owns 55% of the project, while BHP Group Ltd Sponsored American Depositary Receipt Repr 2 Shs (BHP.US) holds a 45% stake. The project is expected to benefit from Trump's policies, as he announced last year that he would expedite regulatory approvals for any company investing over $1 billion in the US. Industry executives say that Northern Dynasty Minerals (NAK) owns the Pebble Project in Alaska, a copper-gold mining project that is also expected to receive final approval during the new government's term.