Global mining giant Rio Tinto (IW1000/64) on Tuesday said it would invest $660 million over the next seven years to extend the life of an historic copper mine near Salt Lake City.
The Anglo-Australian miner said it would invest the equivalent of 521 million euros to extend the life of Kennecott Utah Copper's Bingham Canyon to 2029 -- 11 years longer than planned.
It has already been in operation for more than 100 years, Rio said in a statement.
"The investment will enable production at an average of 180 thousand tonnes of copper, 185 thousand ounces of gold and 13.8 thousand tonnes of molybdenum a year from 2019 through 2029," it added.
Molybdenum is a soft metal used in steel alloys.
Copyright Agence France-Presse, 2012