Rio Tinto Copper Boss Says Building Mines Is Better Than Buying

Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets — comments that may disappoint industry observers anticipating another spate of mining dealmaking.

The world’s second-largest mining company is looking to reach copper production of 1 million metric tons within five years — up from from about 700,000 tons. The increase would come as Rio Tinto ramps up in Mongolia, expands in Utah and engages in exploration around the world, including a venture in Chile with Codelco.