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Rio Tinto will prioritize developing new copper mines over acquiring new ones to achieve its goal of producing one million tonnes of the metal annually within the next five years, copper boss Bold Baatar has said.
Most of the planned output expansion, Baatar said, will be driven by Rio Tinto’s expansion in Mongolia, Utah, and global exploration efforts, including“For us, the focus is organic growth, supply growth and where in projects can we partner rather than necessarily acquiring an existing production,” Baatar, who was recentlyDespite the increasing cost and time required for project development, Baatar believes that building mines is still more cost-effective than buying existing one, a stance that...
“Just bringing one and one together doesn’t add more copper,” he said. “The key question is how can we bring more supply.”
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