(Reuters) -Australian mining giant Rio Tinto forecast higher consolidated mined copper production for fiscal 2025 on Wednesday, driven primarily by an anticipated 50% surge in output from its Oyu Tolgoi operation in Mongolia next year.
While Rio Tinto's profits primarily stem from iron ore, the miner is shifting focus towards copper, projecting a 3% annual growth from 2024 onwards through existing projects, which not only includes the Oyu Tolgoi mine, but also partnerships with Codelco in Chile and First Quantum in Peru.
The miner aims to reach an annual copper production of 1 million metric tons by 2030, aiming to evolve into a major player in the clean energy supply chain by focusing on high-quality, low-emission raw materials essential for energy transformation.
In a recent $6.7 billion deal, Rio Tinto agreed to purchase U.S.-based Arcadium Lithium, a strategic move set to propel the company to the position of the world's third-largest lithium miner, significantly boosting its presence in the electric vehicle battery supply chain.
The world's largest producer of iron ore said it expects copper production in fiscal year 2025 to come in between 780,000 tons and 850,000 tons, compared with 660,000-720,000 tons expected in fiscal 2024.
(Reporting by Roushni Nair in Bengaluru; Editing by Eileen Soreng and Rashmi Aich)
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