Rio Tinto is not only looking at lithium: the global miner is moving forward with an offensive of partnerships and stakes in copper projects in South America, seeking to secure its expansion in the red metal after 2030.
Copper is already key for the company: it accounted for 63% of Ebitda in 2025, driven by high prices amid the intensive demand from global electrification and the advance of AI.
In the first half of 2026, Rio Tinto's global copper production grew 3% year-on-year, and a volume close to 830,000t is projected by year-end.
With the goal of reaching production of around 1 million tonnes (Mt) in the short term, the strategy is clear: prioritize partnerships and buy stakes in advanced projects, rather than making large acquisitions. In January Rio ruled out a merger with Glencore.
Since most of its greenfield copper projects will not begin production before 2030, rumors are circulating that Rio Tinto is looking to acquire copper assets that are already in operation.
Peru and Chile concentrate the company's interest due to their geology, operational experience, infrastructure, and skilled workforce.
In Peru, Rio's flagship project is La Granja, where it holds a 45% stake in a partnership with First Quantum Minerals (FQM).
With a preliminary capex of US$2.4 billion (bn), La Granja is considered one of the largest undeveloped copper deposits in the world. It has the potential to produce 500,000 t/y for decades. The environmental impact study will be submitted no later than 2028.
Rio also has a minor stake, via its technology unit Nuton, in the Peruvian project AntaKori, to which it will provide its expertise and technology in the bioleaching of sulfide ores. There is a possibility of expanding its presence in this asset later on.
In Chile, Rio Tinto is moving forward together with Codelco on Nuevo Cobre (57.74% and 42.26%), a project at the exploration stage that is preparing to create a mining district in the Antofagasta Region.
In the same region, Codelco has the Potrerillos smelter 10km from Nuevo Cobre, so synergies and a future low-cost operation are projected.
Rio also participates in Escondida, the world’s largest copper mine, holding a 30% stake. This Chilean asset already contributes to the production results that the company reports in the red metal segment.
The asset that draws the most attention is Los Azules, at US$3.170bn, in the province of San Juan, where Rio holds 17.2% of McEwen Copper through Nuton.
The project targets 205,000 t/a of copper cathodes in its first 5 years from 2029, with a base useful life of 21 years that could be increased to 33 with Nuton technology.
Industry sources indicate that Rio would consider increasing its stake in Los Azules.
In the same Argentine province, the miner has just added Filo Sur to its portfolio, investing US$15 million (mn) for an initial 5% (expandable to 10%) in Mogotes Metals.
Filo Sur is located in the district of Vicuña, on the border with Chile. The area has been the scene of promising discoveries such as the Los Helados mines, Josemaría and Filo del Sol.
Rio Tinto would also be interested in Taca Taca, another project of its partner FQM, which entails an investment of US$ 5.250bn and plans to reach 291.000t/a during the first decade of a 35-year useful life.
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