Rio Tinto Chairman Warns Mining Deals Won’t Solve Supply Crisis

September 23, 2024 09:34 AM AEST | By EODHD

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Rio Tinto Chairman Warns Mining Deals Won’t Solve Supply Crisis — Image source: Kalkine Media

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(Bloomberg) -- The world needs more mines to cope with rising demand for key energy-transition metals like copper, as mergers and acquisitions will not plug a looming supply gap, Rio Tinto Group Chairman Dominic Barton said. Most Read from Bloomberg AOC Proposes $30 Billion Social Housing Authority The Moonshot Plan to Eliminate Deaths on America’s Roads Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public Transport New York City’s Transit System Plans $65.4 Billion of Upgrades for Grand Central, Subways “As an industry, we’re not going to inorganic our way out of this challenge,” Barton said in a Bloomberg TV interview, referring to growth through deals. “It’s huge, and it’s in at least five different commodity areas.” Global mining M&A has ramped up over recent months, as healthy cash flows and the outlook for key green energy metals encourage the rapid addition of extra production. BHP Group Ltd. has been among the most active, swooping on Filo Corp.

after the world’s biggest miner’s $49 billion bid for Anglo American Plc was rebuffed. Rio, however, has been quiet in the dealmaking space, instead allocating hundreds of millions into exploration with a focus on copper and lithium. Still, Barton said the company was “looking at opportunities”. “We’re just going to have to build more,” he said. “We’re going to need to mine, discover, and mine more copper in the next 30 years.” Most Read from Bloomberg Businessweek The Man Who Made Nike Uncool In Yosemite, Problems With Concessions Keep Piling Up Xbox’s President on Handheld Consoles and Subscription Gaming Why Get An MBA? Recent B-School Grads Weigh In The Fed Risks a Political Backlash by Spurring Economy Close to Election ©2024 Bloomberg L.P.

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