Shares of Rio Tinto Ltd (RIO.AU) surged 6.93% in Thursday's trading session, following reports that the company may receive support from the Trump administration for its Resolution Copper project in Arizona. This development has sparked investor optimism about the mining giant's future prospects in the United States.

The significant stock price increase comes as Rio Tinto's head of copper, Katie Jackson, revealed that the company has been in discussions with the current US administration regarding the Resolution Copper mine. The project, which is 55% owned by Rio Tinto and 45% by BHP, has faced setbacks due to Native American opposition and permitting challenges. However, President Trump's recent vow to place tariffs on imported copper and invoke emergency powers to boost critical mineral production in the US could potentially pave the way for the project's advancement.

The Resolution Copper mine is a massive undertaking that could supply up to a quarter of US copper demand. This is particularly significant given the growing importance of copper in renewable energy networks and the global shift towards green technologies. If approved and developed, the project could substantially boost Rio Tinto's copper production and market position in the United States.

While the project still faces legal challenges, including a Supreme Court case launched by the Apache Stronghold group, the potential support from the Trump administration has clearly buoyed investor sentiment. The market appears to be pricing in the possibility of a favorable outcome for Rio Tinto, which could unlock significant value for the company in the long term.