0202 GMT - A land exchange between the U.S. government and a joint venture of Rio Tinto and BHP improves confidence in the outlook for the miners' Resolution Copper project, says Morgan Stanley's Rahul Anand. Today, MS ascribes no value to Resolution in its base case for either company, Anand says. Yet the project has the potential to produce roughly 500,000 metric tons of copper annually for decades, with gold and molybdenum byproducts, he says. He calls the land swap--which was needed to advance the project--an "incremental positive" for both companies. Rio Tinto is up 1.1% at A$156.35. BHP is 0.8% higher at A$49.56. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

March 16, 2026 22:02 ET (02:02 GMT)

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