Rio Tinto Prioritizes Internal Copper Growth Over Acquisitions

Rio Tinto appears to be focusing on developing its existing copper resources rather than pursuing new acquisitions to boost copper production, according to analysts from Morgan Stanley. Following an investor briefing, the analysts noted that Rio Tinto's new copper chief, Katie Jackson, is concentrating on ramping up production at the Oyu Tolgoi mine and addressing challenges at the Kennecott operation in the United States.

"This appears to take precedence over external M&A ambitions for now," the analysts stated, indicating a shift in the company's strategic priorities. Rio Tinto's approach to expanding copper production comes as global demand for copper continues to rise, driven by increased electrification and renewable energy projects.

Shares of Rio Tinto were down 1.2% in Sydney, trading at A$118.69 on Thursday.