Rio Tinto copper boss says building mines is better than buying

Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets — comments that may disappoint industry observers anticipating another spate of mining dealmaking.

The world’s second-largest mining company is looking to reach copper production of one-million metric tons within five years — up from from about 700 000 t. The increase would come as Rio Tinto ramps up in Mongolia, expands in Utah and engages in exploration around the world, including a venture in Chile with Codelco.