Rio Tinto said on Thursday that it has raised its 2025 copper production forecast due to accelerated operations at the Oyu Tolgoi copper-gold mine project in Mongolia.
The company expects its consolidated copper production to reach between 860,000 and 875,000 metric tons in 2025, up from the previous forecast of 780,000 to 850,000 metric tons.
The miner also anticipates copper production to be between 800,000 and 870,000 metric tons in 2026.
Although Rio Tinto's profits are primarily derived from iron ore, the miner is shifting its focus toward copper, aiming to achieve an annual copper production of 1 million tons by 2030.
Copper prices have reached record highs, and demand is expected to remain strong during the transition to green energy.
Rio Tinto stated that production at the Oyu Tolgoi copper mine is still on track to increase by more than 50% this year and by approximately 15% in 2026.
The company said it will reduce unit costs by 4% from 2024 to 2030.
Rio Tinto indicated that capital discipline, rising commodity prices, and a 20% growth in copper production are expected to help increase the company's earnings by as much as half by the end of this decade.
Rio Tinto expects bauxite production in 2025 to exceed the previous guidance range of 59 million to 61 million tons, while aluminum production is projected to reach the high end of the guidance range of 3.25 million to 3.45 million tons.
The following is Rio Tinto's latest production guidance:
(Comprehensive report from Wen Hua)
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