Rio Tinto has flagged some big plans to build up its copper portfolio over the next half-decade and reduce its reliance on Western Australian iron ore, as major supply concerns over the 'red metal' needed for the energy transition linger.
Rio Tinto has flagged some big plans to build up its copper portfolio over the next half-decade and reduce its reliance on Western Australian iron ore, as major supply concerns over the ‘red metal' needed for the energy transition linger. The mining major said it planned to bolster mined copper by 18% in 2025 to between 780,000 and 850,000 tonnes and bring this number closer to one million tonnes by 2030 as the massive Oyu Tolgoi mine in Mongolia ramps up.
"We have all the building blocks we need to become a global leader in energy transition materials," Rio boss Jakob Stausholm said on Wednesday. "As we ramp up the Oyu Tolgoi underground copper mine, deliver the Simandou high-grade iron ore project in Guinea, and build out our lithium business through the proposed acquisition of Arcadium, we are underwriting a decade of profitable growth.
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