他指出， “作为一个行业，我们不会以无机增长（这种增长来自合并或收购等外部资本或资源，而不是公司自身业务活动的增长）的方式摆脱这一挑战。”① Copper and other key energy transition metals are facing increasing demand. ② Bao Damin, Chairman of mining giant Rio Tinto, pointed out that more mines need to be developed globally to address supply gaps. ③ Bao Damin believes that the company's own business growth is the preferred way to overcome this challenge.
Caixin September 23 news (Editor Zhou Zi Yi) Bao Damin, Chairman of mining giant Rio Tinto, recently said that copper and other key energy transition metals are facing continuously rising demand, whileMergermeans that more mines need to be developed globally to cope with this situation.
In an interview, Bao Damin said that this is a huge challenge, involving at least five different bulk commodity sectors.
He pointed out, 'As an industry, we will not overcome this challenge through inorganic growth (growth that comes from mergers or acquisitions and other external capital or resources, rather than the company's own business growth).'
In recent years, with the transition to electrification, global suppliers have become increasingly dependent on battery metals, especially copper. However, global copper inventories continue to decline, and the development speed of new mines is not sufficient to offset the growing demand for copper. It typically takes 15 years for a single project to start production.
In recent months, mining companies have been rapidly increasing copper production and global mining M&A activities due to healthy cash flow and the positive outlook for copper as a key metal for green energy.
BHP Group Ltd. is one of the most active bidders. After its bid of $49 billion to acquire Anglo-American Resources Group was rejected, BHP Group Ltd. has launched another acquisition against Filo Corp., the largest copper mining company in South America, which shows BHP Group Ltd.'s enthusiasm for copper mining assets.
However, Rio Tinto has maintained silence in the field of mergers and acquisitions, choosing to use hundreds of millions of dollars for exploration, focusing on copper and lithium mineral resources.
Boyd Davis said that the company is "looking for opportunities" and "we can only develop more mines. In the next 30 years, we will need to mine, discover, and develop more copper."
