Rio Tinto
$RIO (-0.87%) raises copper forecast to change everything

The British-Australian mining group Rio Tinto has significantly revised its investment forecast up to 2025 and plans to significantly increase copper production in the coming years.

Rio Tinto expects average annual growth of three percent from 2024 across all business areas. The planned 50 percent increase in production at the Mongolian operations in particular is driving the copper ambitions.

The company wants to increase its annual copper production to one million tons by 2030. "With the commissioning of the Oyu-Tolgoi underground copper mine in Mongolia, the implementation of the Simandou project for high-grade iron ore in Guinea and the expansion of our lithium business through the planned acquisition of Arcadium, we are setting the course for a decade of profitable growth," explained CEO Jakob Stausholm.