Rio Tinto (LON:RIO), the global mining corporation fighting to build a nickel and copper mine in the Upper Peninsula near Marquette, is now reviewing its expansion plans in light of upheavals in global markets, according to a report published today on MetalBulletin.com.
The online publication quotes Rio Tinto CEO Tom Albanese as saying that a possible economic slowdown in China has prompted the company to review its plans.
According to the Metal Bulletin, last week base metal prices neared a three-year low.
Rio Tinto’s fully-owned subsidiary, Kennecott Eagle Mineral Company, has faced strong local opposition to its plans to mine nickel and copper from land near Lake Superior.
The Keewanaw Bay Indian Community, National Wildlife Federation, Yellow Dog Watershed Preserve and Huron Mountain Club filed suit against the state earlier this year, arguing that the Department of Environmental Quality failed to follow environmental law in granting permits for the mine.
They claim that the planned mining operations will degrade area land and water. That suit remains pending.