Rio Tinto (ASX, LON, NYSE: RIO) 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.
Speaking at the CRU World Copper Conference in Chile, the executive noted that to boost production from the roughly 700,000 tonnes of copper it currently churns out, Rio is looking mainly at organic growth.
Most of the planned output expansion, Baatar said, will be driven by Rio Tinto’s expansion in Mongolia, Utah, and global exploration efforts, including a partnership with Chile’s owned Codelco, the world’s largest copper producer.
“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 recently appointed as Rio’s next chief commercial officer, told reporters in Santiago.
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