Rio Tinto expects its lithium division to outpace growth in its iron ore and copper units. The company plans to triple production capacity to 200,000 metric tons by 2028. This expansion targets rising demand from the electric vehicle and battery sectors.
The strategic shift follows Rio Tinto's acquisition of Arcadium last year. The miner aims to produce at least 61,000 tons of lithium during the current year.
To meet 2026 guidance, the company must increase quarterly production by 31% over its first-quarter pace. Rio Tinto shares declined in London on Wednesday, extending a slide from the previous session.