UK-Australia resources firm Rio Tinto expects to benefit from an increased demand for metals and minerals needed to tackle climate change.

 

The mining and processing of copper, aluminium, lithium and steel are essential for a low-carbon future, Rio Tinto's chief executive officer Jakob Stausholm said in a presentation at the Bank of America Global Metals Mining and Steel Conference, with demand also underpinned by population growth and urbanisation. There are often no alternatives to steel, copper, aluminium and minerals from primary sources, even with the adoption of circular economy initiatives, he added.

 

Stausholm's presentation cited research showing that global aluminium consumption will increase to around 174mn t in 2050 from 95mn t in 2021, copper demand higher at 57mn t by 2050 from 31mn t in 2021, lithium demand will rise to 5.8mn t of lithium carbonate equivalent in 2050 from 500,000t in 2021, and steel production will grow to 2.3bn t in 2050 from 1.9bn t in 2021.

 

Rio Tinto's mined copper output guidance for this year is 500,000-575,000t and refined copper output guidance is 230,000-290,000t. Aluminium output guidance for 2022 has been set at 3.1mn-3.2mn t. The firm is in the early stages of developing the Rincon lithium project in Argentina that it had acquired in March for $825mn.