Rio Tinto Copper Output Climbs as Oyu Tolgoi Mine Ramps Up

Rio Tinto Group’s copper production climbed 5% in the fourth quarter thanks to the expansion of underground operations at Oyu Tolgoi in Mongolia, while its core Pilbara iron ore mines hit a record in the last three months of the year.

Copper accounted for roughly a quarter of Rio’s profit at the half year, still overshadowed by iron ore — but the red metal is a vital part of the group’s growth plans and a key driver behind its ongoing takeover talks with Glencore Plc. Rio has until Feb. 5 to announce a firm intention to bid or walk away.