Rio Tinto Raised Capex Guidance and Copper Output Forecast for 2025

SEATTLE (Scrap Monster): Rio Tinto increased their capital expenditure guidance for 2025. Furthermore, the company anticipates increased copper production in the coming year, owing mostly to an expected considerable increase in output from its Mongolian assets. It should be mentioned that the corporation has been increasing its attention on copper assets, despite the fact that iron ore activities account for the majority of its income.

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According to a corporate news release, it predicts a 3% CAGR increase across its operations beginning in 2024. The miner intends to prioritize high-quality, low-emission raw materials in its operations. The company's annual copper production is expected to reach 1 million metric tons by the end of the present decade.

Rio Tinto's CEO, Jakob Stausholm, stated that the business forecasts a decade of profitable expansion. The ramp-up of the Oyu Tolgoi underground copper mine in Mongolia, as well as the anticipated expansion of its lithium business through the planned acquisition of Arcadium, will significantly boost profitability. In addition, the Simandou iron ore project in Guinea, which is planned to begin operations by the end of 2025, will boost revenues, he said.

Capital expenditures for fiscal 2025 are now expected to total $11 billion, up from $9.5 billion in 2024.