Rio Tinto open to big copper buys but cautious of overheated market

Rio Tinto may consider a large acquisition but it would have to provide value that is hard to find amid a copper market that is running hot, CEO Jakob Stausholm said on Wednesday while discussing its first-half results.

Rio derives most of its profits from iron ore but is increasingly focused on copper growth where itexpects growth of 3% a year from 2024 onward. That will come from existing projects, mainly the underground Oyu Tolgoi mine in Mongolia but also ventures with Codelco in Chile and First Quantum in Peru.