[VIDEO] Unlocking Rio Tinto's success
Rio Tinto is one of the largest and most diverse metals and mineral mining companies in the world. Headquartered in London, the company specializes in major products such as aluminium, copper, diamonds, gold, industrial minerals, iron ore, thermal and metallurgical coal and uranium, with operations across the globe.
For more than 140 years, Rio Tinto has been mining the Earth’s mineral resources to unlock the products that make modern life work. The company utilizes some of the most cutting-edge technology and machinery available, while implementing forward-thinking strategies with host communities to work in harmony to deliver results.
“Rio Tinto delivers sustainable shareholder returns from our portfolio of world-class assets. In doing so, we are creating value for many of our partners and host communities around the world,” the company declares on their website.
Rio Tinto's vision is simple: Be a company that is admired and respected for delivering superior value, as the industry’s most trusted partner.
"Our operations give us the opportunity to create mutual benefit with the communities, regions and countries in which we work, and our metals and minerals are transformed into end products that contribute to higher living standards."
Learn more about Rio Tinto here.
Copper production from top ten companies to increase by 3.8%
Copper production from the world’s top companies is set to increase by up to 3.8% this year, following a fall of 0.2% in 2020, GlobalData analysis reveals. Last year’s marginal slump saw production drop to 11.76 million tonnes (Mt).
The initial impact of the COVID-19 pandemic on mining operations was immense, however, six of the ten largest copper producers succeeded in increasing output last year. In 2021, copper production from the top ten copper companies is expected to bounce back, rising by up to 3.8%, to reach 12.2Mt, according to GlobalData, a leading data and analytics company.
The highest increase in copper production was by Canada’s First Quantum, which, despite all the challenges, reported 10.4% growth in 2020. The company’s Sentinel mine in Zambia and Cobre Panama were key contributors to this growth. While the latter remained under care and maintenance between April and August 2020, it delivered record production levels during the subsequent months.
Codelco, the world’s largest producer of the red metal used in electric vehicles, also bucked the trend.
Vinneth Bajaj, Associate Project Manager at GlobalData, commented: “Despite Codelco reporting over 3,400 active cases during July 2020, the company achieved 1.2% growth in its production in 2020. The company implemented a four-phase plan, as part of the COVID-19 measures, to ensure the health and safety of its employees, while also avoiding any significant impact to its copper output.”
Although the overall impact was minimal, declines in production were observed from Glencore (8.2%), Antofagasta (4.7%), BHP (3.9%) and Freeport McMoRan (1.3%). Reduced operational workforces due to COVID-19 measures, lower ore grades and production halts due to maintenance were the key disruptors to output during 2020.
The move towards electric vehicles and clean energy from renewables sources such as solar panels and wind turbines has driven the copper price to all-time highs. Copper has been among the best performers over the last month where metals ranging from aluminum to iron ore have surged to their highest prices in years. The rally is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from the global pandemic.