Rio Tinto Plans to Ramp Up Copper Production by 2025

Rio Tinto, the Australian mining giant, anticipates that its consolidated copper production for the 2025 financial year will be higher, particularly due to an expected 50% production increase from its Oyu Tolgoi operations in Mongolia next year. While Rio Tinto's profits primarily stem from iron ore, the miner is shifting its focus to copper and forecasts an annual growth of 3% starting from 2024 through existing projects, which include not only the Oyu Tolgoi mine but also partnerships with Codelco in Chile and First Quantum in Peru. The miner aims to reach annual copper production of 1 million tons by 2030, becoming a significant player in the clean energy supply chain by focusing on high-quality, low-emission raw materials necessary for energy transition. Recently, Rio Tinto agreed to purchase US-based Arcadium Lithium for $6.7 billion in a strategic move that will elevate the company to the position of the world's third-largest lithium miner, significantly enhancing its presence in the electric vehicle battery supply chain. The world's largest iron ore producer has announced that it expects copper production, projected to be between 660,000 and 720,000 tons in the 2024 financial year, to reach between 780,000 and 850,000 tons in the 2025 financial year.