The world needs more mines to meet the growing demand for energy-transition metals such as copper, according to Rio Tinto Group chairman Dominic Barton. Speaking in a Bloomberg TV interview, Barton stated that mergers and acquisitions alone will not solve the impending supply gap. “As an industry, we’re not going to inorganic our way out of this challenge,” Barton said, referring to the industry’s reliance on deals for growth. He highlighted the need for new mining projects in at least five key commodity areas.
While global mining mergers and acquisitions (M&A) have surged recently—driven by strong cash flows and the increasing demand for green energy metals—Barton emphasized that building new mines is essential. BHP Group has been one of the most active players, notably making a move on Filo after its $49-billion bid for Anglo American was rejected.
Unlike BHP, Rio Tinto has remained relatively quiet in the M&A space, choosing instead to invest hundreds of millions into exploration, with a primary focus on copper and lithium. However, Barton confirmed that the company is still evaluating acquisition opportunities. “We’re just going to have to build more,” he said, stressing the urgent need to discover and mine more copper in the next 30 years.
