Anyone who has looked down into Rio Tinto Kennecott’s Bingham Canyon copper mine -- located on the west side of the Salt Lake Valley and the largest human-made excavation in the world -- can see that things are happening on a massive scale. In a sense, that’s also true about Kennecott’s other Utah land assets.

Kennecott owns approximately 95,000 acres of land (more than six times the size of Manhattan) in the Salt Lake and Tooele Valleys. The company’s land ownership is the result of over 100 years of copper mining in Utah’s Oquirrh Mountains. Today, this land is poised to become one of largest real estate opportunities in the western United States.  

We spoke with Alan Matheson, general manager of land and water development at Kennecott, about the significance of these landholdings for Utah’s current and future real estate development and economic opportunities.    

1. Prime Location in Salt Lake Valley

“Rio Tinto Kennecott owns most of the remaining undeveloped land in the Salt Lake Valley, and significant parcels in Tooele County,” explained Matheson. “Of course, not all 95,000 acres will be developed. Much of the land is in current mining operations, much provides a key safety buffer between communities and those operations, and other areas will be preserved for ecosystem conservation. Nevertheless, significant land along the foothills of the Oquirrh Mountains is developable and will help meet the needs of our growing community.”

Many of these areas are:

• Close to downtown Salt Lake City (10–30 mins).

• In one of the fastest-growing metro regions in the U.S.

• Located along major highways (e.g. I-80, Bangerter Highway, Mountain View Corridor).

• Served by TRAX light rail and future transit.

For developers, this means access to strong job markets, schools, and transportation, making the land ideal for residential, commercial, industrial, and mixed-use projects.

2. Infrastructure & Planning Already in Place

Because of Kennecott’s mining operations, large tracts of its land already have nearby infrastructure assets like roads, rail, and utilities. Many parcels are zoned for urban uses and have conceptual plans. Kennecott prioritizes ongoing collaboration with municipalities, public utilities, and transportation agencies to lower initial development costs, accelerate project timelines, and align with community goals. Taking a proactive approach, Kennecott is also addressing key challenges with water, remediation, and needed infrastructure upgrades. The result of these efforts is a series of highly attractive parcels that will contribute significantly to Utah's future.

3. Large Parcel Sizes  

Kennecott’s landholdings tend to be large and contiguous, making them ideal for business centers, large-scale commercial hubs, and master-planned communities. Utah, like many other states, is experiencing a housing shortage, and this land can play a role in meeting Utah’s housing supply needs over the next few decades.

Matheson emphasized the value of partnerships: “We recognize that accommodating Utah’s growing population will require a team effort.  To that end, we’re actively exploring partnerships with outstanding developers and public entities to provide the expertise, resources, and infrastructure needed to achieve our state’s vision.”  

When it comes to master-planned communities, Utah has a proven model for success.  “Most people are familiar with the Daybreak community,” said Matheson. “One of the most successful developments in the country, it’s a cutting-edge example of transforming land used for mining operations into a beautiful, livable, vibrant neighborhood.”  

Plans for the Daybreak community – located in South Jordan, Utah, a suburb of Salt Lake City -- began in 2001. At more than 4,000 acres, Daybreak is the largest master-planned community in the state’s history. Today, the community has an estimated 44,000 residents and just under 10,000 homes. Daybreak was developed to include key quality-of-life amenities such as housing, schools, retail, offices, transit, parks and trails, and entertainment.

In 2021, Larry H. Miller Real Estate purchased the remaining 1,300 acres of undeveloped land in Daybreak. They’re working together with the City of South Jordan on plans to build out a downtown center that includes the new baseball stadium for the Salt Lake Bees.  

4. Ready to Collaborate  

Kennecott prioritizes collaboration with local governments regarding the future use of its surplus land, and the company seeks development partners with a long-term vision for sustainability and economic opportunity.  “What happens on our land will impact the future of not just the Greater Salt Lake region, but also the entire state,” Matheson said. “We are approaching the development of these lands strategically, with a focus on creating a brighter future for Utah.”

Corporate expansion and site selection trends can help inform Kennecott’s land-development strategy. And as the sites are developed, Utah’s public-private partnership for economic development can support companies and site selectors as they evaluate potential sites for corporate expansion.

“EDCUtah is a key player in Utah’s economic development ecosystem and a valuable partner for Rio Tinto,” said Matheson. “EDCUtah helps us network and build partnerships that allow us to achieve our goals. But more to the point, EDCUtah can help identify the companies that would relocate to this area, bringing jobs and economic opportunity. As we develop these lands, EDCUtah will play a critical role in attracting key tenants.”

History Bonus: A timeline of Kennecott's land ownership in Utah  

“Most people don’t fully realize the history and impact of Kennecott and the Bingham Canyon Mine in Utah,” said Matheson. “Over the course of its 121-year history, the mine has produced more copper than any other mine in the world. But it’s also had significant local impact as one of the biggest taxpayers in the Salt Lake Valley—funding roads, schools, and other public infrastructure.”

In the early 1900s, the Utah Copper Company began developing the Bingham Canyon Mine in the Oquirrh Mountains. The company acquired tens of thousands of acres of land to support mining operations—everything from ore processing and waste storage to railroad infrastructure and company towns.  

In 1936, the Utah Copper Company was acquired by the Kennecott Copper Corporation. Over the next several decades, mine production boomed. During World War II, for example, the mine produced about 30 percent of the copper used by the Allies.  

Matheson explained: “The Kennecott mine is a vertically integrated operation. In addition to the mine itself, there is a concentrator, one of only two operating copper smelters in the United States, and a refinery. It’s unusual to have an operation that mines ore and then produces 99.99% pure copper in the same location. As we think about our nation’s energy future and economic interests, being able to produce copper and critical minerals domestically is essential.”

As Kennecott expanded the mine, the company continued acquiring land in western Salt Lake County and eastern Tooele County. This included not just mine sites, but also surrounding land for potential expansion and long-term residential buffer zones.  

Then, in 1989, the global mining company Rio Tinto acquired Kennecott Corporation. Around the same time, Salt Lake Valley’s population growth started to take off—putting Rio Tinto’s land holdings on the periphery of rapidly growing suburbs. And as mining operations modernized and consolidated, less land was needed for industrial use. In response to these shifting trends, Rio Tinto formed the Kennecott Land Company in 2001 to plan and develop its surplus land in Utah.  

“We know that our company has a social license to operate, and we need to make sure that we’re contributing to Utah’s quality of life, to the tax base, and to opportunities that benefit the residents of Utah,” said Matheson. “We have a resource that can be used to advance not just the interests of the company, but the people in the communities where we operate.  We have been a big part of Utah’s history, and we want to be a constructive part of its future.” ‍

“The Prosperity Post” highlights examples of the impact of your investment and EDCUtah’s work in communities across the state. Do you have a story you’d like us to share? Email connect@edcutah.org.