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How $100 billion mining giant Rio Tinto is poised to learn from the EV boom

Copper mines like Rio Tinto’s Bingham Canyon mine on the outskirts of Salt Lake City are on the frontline of America’s transition to wash energy.

Global demand for copper, a serious component of electrical vehicles, is anticipated to grow from 25 million metric tons to almost 49 million metric tons by 2035, in response to S&P Global.

But miners face a mess of issues as they ramp up production, including addressing the concerns of local stakeholders, mitigating environmental damage and operating in distant regions of the world.

“There’s going to be an actual problem with this transition over the subsequent ten years,” said Tyler Broda, metals and mining analyst for RBC Capital Markets. “It could be very, very hard for these corporations to even maintain the extent of production that they’ve in the intervening time.”

Jointly based in Australia and the UK, Rio Tinto is one in every of the world’s largest mining corporations with projects in 35 countries. It has 17 iron ore mines in Western Australia that produce material utilized in steel, in addition to mines that produce aluminum, diamonds, and boron, a component utilized in smartphones. 

So what’s Rio Tinto doing to ramp up production of its critical minerals business? CNBC got a behind the scenes have a look at Rio Tinto’s Utah operation to seek out out.

Watch the video to learn more.

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