英文力拓和必和必拓：美国最高法院为美国Resolution铜项目扫清道路。任重道远，但对沉睡的铜业巨头估值为零

Europe Equity Research27 May 2025CAZENOVEwww.jpmorganmarkets.comRio Tinto & BHPUS Supreme Court clears a path for Resolution copper project in USA. A long way to go, but zero value assigned to a sleeping copper giantEuropean Metals, Mining & SteelDominic O'Kane AC(44-20) 7742-6729dominic.j.okane@jpmorgan.comJ.P. Morgan Securities plcPatrick Jones(44-20) 7742-5964patrick.jones@jpmorgan.comJ.P. Morgan Securities plcVarun Bhattad(91-22) 6157-5027varun.bhattad@jpmchase.comJ.P. Morgan India Private LimitedAnna Antonova, CFA(971) 4428-1766anna.antonova@jpmorgan.comJ.P. Morgan Securities plcThe US Supreme Court ruling today cleared a significant legal barrier for the early stage, pre-development Resolution copper project in Arizona, which is owned 55% by Rio Tinto and 45% by BHP (link). The Court rejected an appeal by Apache Stronghold, a Native American group, which aimed to block a crucial 2,422-acre federal land transfer for the Resolution project. In Mar’25 President Trump issued an Execu