- The U.S. Forest Services says it rescinded its previous decision to publish a final environmental impact statement that cleared the way for an Arizona land swap needed for Rio Tinto's (RIO +2.9%) Resolution Copper project.
- The decision effectively reverses the move made by officials in the waning days of the Trump administration to publish the report, a necessary step for completing the land exchange within 60 days.
- The delay is not unexpected, but a halt to the project would mark a serious blow to Rio's plans to develop the massive copper deposit; the company and partner BHP have spent more than $1B on the project, even though they have yet to obtain permits or produce any copper.
- Resolution, which the companies estimate could produce 40B metric tons of copper over a 40-year period, has been called by former Rio CEO Jean-Sebastien Jacques "one of the most significant undeveloped copper projects in the world."