The Rio Tinto Limited (ASX: RIO) share price is charging higher in early afternoon trade, up 3.2% to $100.06 per share.
The broader S&P/ASX 200 Index (ASX: XJO) is in the green as well, up a more modest 1.42% at this same time.
Today's gains will come as welcome news to shareholders who've seen the Rio share price struggle over the past 2 months. We take a brief look at that below, but first…
What's this about critical minerals?
When you think about Rio Tinto, you likely think of iron ore. And for good reason. The company is one of the world's top producers of the key steel-making ingredient.
But the ASX 200 mining giant also produces a range of other metals including aluminium and copper.
It's this copper production that has Rio's CEO, Jakob Stausholm, engaging his company in talks with the White House in the United States.
Why?
To explore the potential to process critical minerals from the copper waste produced at its mining plant in the US state of Utah.
These minerals are crucial to the production of numerous tech items, and vital to many military applications. Yet, as it stands, China has a near monopoly on many of these minerals, potentially putting the US in a rather sticky situation.
Stausholm said that his company has been engaged in talks with the White House to secure US-based critical mineral manufacturing capabilities.
As Bloomberg reports, "the company is currently figuring out ways to extract up to 10 so-called critical minerals from copper waste".
Stausholm told Bloomberg:
There are a lot of by-products coming from copper production. It's an area that's had very little focus in the US and if we put some focus on it, I do see some opportunities.
Rio share price snapshot
The Rio share price has been under pressure this year, with strong headwinds coming from a steeply falling iron ore prices.
Rio's shares remain up 6% over the past 12 months. But Rio's share price has fallen sharply over the last 2 months, down 25% since 30 July.
The ASX 200 is down just over 1% in that same time.
