Rio Tinto, a major mining company, stands to benefit from the increasing demand for copper in electric vehicles. The company faces challenges but is expanding its critical minerals business.
Copper Mines and Clean Energy
Rio Tinto’s Bingham Canyon mine in Salt Lake City is at the forefront of America’s shift towards clean energy, as copper is a key component of electric vehicles. The global demand for copper is projected to almost double by 2035, from 25 to 49 million metric tons.
Challenges for Miners
Miners like Rio Tinto are encountering various challenges as they increase production, such as addressing local stakeholders’ concerns, minimizing environmental impact, and operating in remote areas.
Rio Tinto’s Operations
Rio Tinto, a major mining company with projects in 35 countries, faces the difficulty of maintaining current production levels amidst the industry’s transition. The company operates iron ore mines in Western Australia, as well as mines for aluminum, diamonds, and boron, a material used in smartphones.
Expansion of Critical Minerals Business
Rio Tinto, based in Australia and the UK, is expanding its critical minerals business to meet the demand for materials used in electric vehicles. The company’s Utah operation is a part of this expansion.