Shares in Rio Tinto rose 2.32 per cent yesterday, lifted by supply concerns in the global copper market after news of extended disruptions at Chile’s El Teniente mine.
Bloomberg reported that Chilean state-owned miner Codelco has delayed the full restart of its largest mine following a tunnel collapse in July.
Codelco chairman Máximo Pacheco told El Mercurio the setback would push out production timelines. The development pushed Rio’s share price higher and Sandfire Resources up more than 1 per cent, reflecting expectations of tighter copper supply.
The rally comes as Rio continues to build its position as one of the world’s key copper producers. Its Oyu Tolgoi mine in Mongolia has been a standout performer, with copper output up 54 per cent year-on-year in the first half of 2025. That surge drove group copper earnings 69 per cent higher to $3.1 billion over the same period.
Rio’s consolidated copper production reached 438,000 tonnes for the half, a 16 per cent increase compared with last year. The company said the underground ramp-up at Oyu Tolgoi remains on track, with output guidance raised by more than 50 per cent for 2025.
Once fully developed, Oyu Tolgoi is forecast to produce an average of 500,000 tonnes per year between 2028 and 2036, positioning it among the top four copper mines globally.
Rio has continued investing heavily in the asset, with key infrastructure such as filtration and thickener facilities now in commissioning.
With global supply pressures growing, the company’s copper growth strategy is expected to remain a critical driver of investor confidence.
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