The U.S. Forest Service and Resolution Copper, a joint venture owned by Rio Tinto and BHP that represents one of the world’s most significant untapped copper deposits, have completed a Federal land exchange required to unlock the full potential of the project.

“This is a remarkable day for both Resolution Copper and Arizonans,” said Vicky Peacey, President & General Manager at Resolution Copper. “We are grateful to President Trump and his Administration for making our project a Fast-41 priority and to the U.S. Forest Service, the Department of the Interior, the Department of Agriculture, the Bureau of Land Management, and the U.S. Congress for completing the land exchange that makes this milestone possible. Their leadership has paved the way for one of the most significant private investments in rural Arizona’s history and unlocked the second-largest undeveloped copper deposit in the world.”

“Resolution Copper would create thousands of high-paying jobs in the Copper Triangle and add an estimated $1 billion a year to Arizona’s economy once in operation. We look forward to continuing to work with local communities and Native American Tribes as Resolution Copper moves to its next phase of development.”

Legislation to facilitate the land exchange passed with bipartisan support in December 2014. The land exchange involves the transfer of more than 5,400 acres of environmentally and culturally sensitive land containing special status species and Native American cultural sites for inclusion in National Forests and National Conservation Areas to the USFS and Bureau of Land Management, and in return Resolution has received over 2,400 acres of land adjacent to the historic Magma Copper mine.

Completion of the land exchange follows a March 13 decision in the U.S. Court of Appeals for the Ninth Circuit which ruled in favor of Resolution Copper and the federal government, denying the plaintiffs’ requests to stop the exchange.

Over a decade of input from various local stakeholders, including the Town of Superior and Native American Tribes, has played a critical role in shaping the land exchange process. Based on these engagements, several changes were made to the land exchange, including reducing the total acres of land sought by Resolution Copper, increasing the area of non-federal conservation lands offered by Resolution Copper, and increasing the acreage devoted to the protection of Apache Leap. In addition to continuing partnerships and agreements with Resolution Copper, the Town of Superior will be granted land from the Federal Government for economic expansion and diversification opportunities.

“We are thrilled about today’s outcome,” said Mila Besich, Mayor of Superior. “Resolution Copper has been an excellent community partner over the past decade. Through the land exchange, Arizonans will receive thousands of acres that will become part of two National Conservation Areas, providing long-term conservation, habitat and cultural heritage protection, and recreational opportunities.”

Resolution Copper also announces additional preliminary spending of approximately $500 million over the next two years to support enabling works, including surface drilling to collect additional resource information, closeout and mitigation costs associated with the land exchange, and funding to support Native American and local communities. The funds will also deliver upgrades to existing project infrastructure and initial underground development activities as well as approximately 100 new jobs. These activities will take place in parallel with ongoing collaboration with local communities and Native American Tribes as well as state-level permitting.

Resolution Copper has the potential to become one of the largest copper mines in the United States, bringing substantial economic benefits to Arizona with its impact to be felt across the country. The project will provide a secure domestic supply of copper and other critical minerals, reduce reliance on imports, and support the U.S. economy, energy, infrastructure development and national security.