Rio Tinto outlines 40pc surge in copper as it pivots from iron ore

Rio Tinto says it will grow copper volumes by 18 per cent next year and 40 per cent by 2030 to reduce its reliance on Australian iron ore.

Rio will export between 323 million and 338 million tonnes of Australian iron ore this year and told investors in a briefing late on Wednesday to expect similar volumes next year from the division that delivered 77 per cent of Rio’s earnings over the past five years.