Rio Tinto may unearth important copper mines in Australia and be optimistic about global copper demand

Published: Jul 15, 2019 10:29

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Rio Tinto is currently excavating the Winu copper mine in western Australia, which, if true, could be produced earlier than the US Resolution copper project, and Rio said there could be larger mining areas around the Winu project. In addition, important research on the Resolution copper mine in the United States will also be completed in 2021. Rio Tinto had expected Resolution copper production to meet 1/4 of domestic demand.

SMM7 15-Rio Tinto is currently excavating the Winu copper project in western Australia, if true, its production date could be earlier than the US Resolution copper project, and Rio Tinto said that there may be larger mining areas around the Winu project.

In addition, an important study on the Resolution copper mine in the United States will be completed in 2021. Rio Tinto had expected Resolution copper production to meet 1/4 of domestic demand.

Underground work is also under way for the Oyu Tolgoi copper mine in Mongolia, which is expected to start production in early 2020.

It is also partly proof of Rio's confidence in global copper demand.

Glencore (Glencore Plc.) has also said that copper demand could grow at a rate of 2 to 3 per cent a year as global urbanisation accelerates, the widespread use of renewable energy and demand for new energy vehicles soar. By 2050, the improvement of urbanization in developing countries will improve people's living standards, so the demand for copper will also increase by another 428 million tons, and the total demand for copper will be 2.5 times that of today.

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