SALT LAKE CITY (AP) — A massive open-pit copper mine southwest of Salt Lake City will remain open through 2032 after the owners announced a new $1.5 billion investment.
Rio Tinto announced Tuesday it will invest $1.5 billion in the Bingham Canyon Mine due to increasing demand for copper in electric vehicles and renewable power technologies. Closures of other mines has also impact supply and made the investment make sense, Rio Tinto CEO Jean-Sebastien Jacques sad in a news release.
The investment will extend the mine's operations an additional six years beyond the previously anticipated shutdown in 2026.
A 2013 landslide at the mine that carried enough rock, dirt and debris to bury New York's Central Park under 66 feet of rubble set back production and triggered layoffs.
The mine is located in the Oquirrh Mountains southwest of Salt Lake City and employs 1,900 people.