The Bingham Canyon Mine southwest of Salt Lake City has been one of the world's largest copper producers for more than 100 years. The mine, owned and operated by Kennecott Utah Copper (a division of Rio Tinto Group), is a large open pit in a porphyry copper deposit. (The Bingham Canyon Mine and the Chuquicamata copper mine in Chile each claim to be the largest open-pit mine in the world.) It continues to be a major source not only of copper, but also of molybdenum, gold, and silver. The value of metals produced in the year 2006 alone was $1.8 billion.