Rio Tinto’s Oyu Tolgoi copper mine in Mongolia is expected to lift production by more than 50 per cent this year as it ramps up underground operations.
Oyu Tolgoi production is projected to reach peak output of 500,000 tonnes per annum.
“It has been remarkable to witness Oyu Tolgoi’s development, as it ramps up to peak production,” Rio Tinto chief executive Jakob Stausholm said during the company’s annual general meeting.
“In March I visited the underground mine with the Mongolian President, who described it as one of the most exciting developments he has ever seen.”
Stausholm praised the work of the 20,000 Mongolians involved in building and operating the site, calling it a “modern, safe and sustainable mining operation” and “best operator excellence in action”.
The milestone reflects Rio’s broader push to grow its copper portfolio, a key focus as the world shifts to cleaner energy sources whereby copper will play an increasing role.
Stausholm said the company’s “best-operator” objective was central to unlocking the full potential of its assets across the globe, including existing sites that are undergoing performance improvements.
“We still need to stabilise existing assets including Kennecott, Rio Tinto Iron and Titanium (RTIT) and Iron Ore Company of Canada (IOC), which all represent huge opportunities to unlock further value,” he said.
Oyu Tolgoi forms part of Rio Tinto’s suite of copper operations, which also includes the Kennecott mine in the US and the Winu copper-gold project in Western Australia’s Paterson Province.
The company’s acquisition of Turquoise Hill Resources in 2022 strengthened its position at Oyu Tolgoi, giving it a 66 per cent stake in the project.
As the energy transition accelerates, Rio Tinto’s copper ambitions are sharpening.
“Everything I have seen so far tells me we are building on the considerable momentum we created heading into 2025,” Stausholm said.
“We have all the building blocks in place for an incredibly robust, diversified and growing business.”
Subscribe to Australian Resources & Investment and receive the latest news on commodity prices, resource developments, executive movements and more.