Global miner Rio Tinto Ltd (ASX:RIO) CEO Tom Albanese says the company expects consumption trends to double in demand for iron ore, aluminium and copper over the next 15 years.
Speaking at the company’s annual general meeting in London Mr Albanese says by 2030 the additional supply required will be equivalent to replicating the iron ore output of the Pilbara region of Australia every five years, adding another aluminium production complex the size of Canada’s Saguenay every nine months, and developing another copper mine the size of Escondida in Chile each year.
Mr Albanese says future energy requirements are such that an entire Hunter Valley coal supply chain in Australia needs to be replicated each year plus a uranium mine the size of Ranger every four years.
Yesterday the miner revised up its production guidance slightly for iron ore after reporting a 39% rise in first quarter output driven by an increase in demand from China.
Mr Albanese says Rio is planning to expand current capacity in the Pilbara from 220 million tonnes a year to 280 million by 2013, and to 330 million tonnes by 2015.
Rio earned over $5.4 billion in 2009.
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