How has the Bingham Canyon mine evolved over its 121-year operational life?

Kennecott produces about 15-20% of the US domestic refined copper supply. In 2023, refined copper output was lower due to a 115-day planned smelter shut down. For 2024, we aim to produce around 200,000 t refined copper. We are progressing well, with the smelter fully operational and refined copper production on target. How will the North Rim Skarn (NRS) expand Kennecott’s underground operations?

Production from the NRS is expected to ramp up over two years, to deliver around 250,000 t of additional mined copper over the next 10 years alongside open cut operations. We are on track and excited about the higher-grade ore this underground project promises, which complements our open-pit operations, where ore grades have been declining after 120 years of mining. What is the strategic advantage of operating a domestic copper smelter?

There were up to 15 operating copper smelters in the US throughout the 60’s, 70’s and 80’s compared to today, with only two smelters in operation: Kennecott and Freeport’s Miami smelter. The US imports approximately 50% of its refined copper, a figure expected to rise to 70% in the next 10-15 years. Rio Tinto views our smelter as a strategic asset, allowing the US to process copper domestically instead of exporting concentrate. This was a key reason for Rio Tinto’s US$300 million investment for the rebuild, ensuring stable operations to meet market demand. A major challenge is the shortage of experienced copper smelting talent, both locally and globally. To address this, Rio Tinto and Kennecott are focused on developing internal talent through partnerships with universities, talent exchanges, and strategic recruitment. With limited copper smelting expertise available, building and retaining a skilled workforce is critical for our industry's future. How will renewable diesel and BEVs help Kennecott progress towards carbon neutrality?

Following successful trials at Rio Tinto’s Boron operation, we fully transitioned to renewable diesel in September 2024. This change, along with shutting down our coal-fired power plant, has reduced our operation’s overall carbon footprint by more than 80% from 2019 levels (including Scope 1 and Scope 2 emissions).

In the underground space, our goal is to build a diesel-free operation, partnering with Sandvik. Our trial with Sandvik's electric equipment was a great success, offering benefits beyond decarbonization, including improved health and safety for miners by reducing diesel particulate matter, heat, and noise. Electric trucks are also more productive, with more speed on grade and power. What is the Kennecott’s Tellurium footprint?

Tellurium is a critical mineral, defined as such when a nation imports around 70% of its supply. It is essential in manufacturing solar panels. Kennecott began producing tellurium in 2021. We produce about 20 t/y, accounting for 3% of the global market. Tellurium production also supports circular economy principles. Our own tellurium is used to manufacture solar panels by First Solar, a US-based company supplying the solar panels for our planned 30-megawatt solar farm on our property. Our ability to extract tellurium from our waste stream is a significant achievement, helping maximize our ore body, with plans to explore 5-6 other critical minerals like germanium and gallium. How does Kennecott promote responsible mining to benefit the Salt Lake City community?

Internally, we focus on decarbonization, water recycling, and early reclamation efforts. Given our location in the Salt Lake Valley, these efforts are closely linked to our community impact. Internal efforts, while important, cannot be done in solitude given our proximity to nearly 1.5 million Salt Lake Valley residents. We continually look for opportunities to improve the area. A notable project was the reclamation of the historic Barney's Canyon gold mine, where we achieved bond release. Our actions are not just about compliance, but about being a responsible neighbor and ensuring our ongoing partnership with the state and community. What are the firm’s goals for the next two years?

Our top priority is health and safety, ensuring our people have everything they need to succeed.. Another key focus is successfully ramping up our underground operations, which are crucial for our future expansion plans. We are exploring ways to extend mine life beyond 2032. Our priorities are safety, people, and exploring growth opportunities for Kennecott's future.