Rio Tinto PLC on Wednesday said it plans to deliver $30 billion in capital investment to 2026, as production expected to grow.

The London-based mining company said it expects $10.0 billion of capital investment per year between 2024 and 2026, including its $6.2 billion investment in Simandou. The remaining investment will be focused on other copper and lithium projects, some of which have not yet been approved, it said. For 2023, capital investment will be $7.0 billion.

Looking ahead, Rio Tinto noted that it expects iron ore production between 320 and 335 million tonnes for 2023, rising to between 323 and 338 million tonnes in 2024.

Mined copper is expected to be in the range of 590 to 640 million tonnes in 2023, increasing to 660 to 720 million tonnes the following year. Aluminium production is forecast to be 3.1 to 3.3 million tonnes in 2023 and 3.2 to 3.4 million tonnes in 2024, while it will produce between 54 and 57 million tonnes of bauxite, declining to between 53 and 56 million tonnes in 2024.

Rio Tinto Chief Executive Jakob Stausholm said: ‘We strongly believe we are well positioned in an opportunity rich world. There has never been greater demand for what we do, from mining to processing, and the work we are doing today is creating a stronger Rio Tinto for years to come.’

production at its Simandou mine is expected to begin in 2025, as it pledged to spend $6.2 billion out of a total $11.6 billion of initial capital funding.

The company said production at the site will be ramped up over a 30-month period to a total annual capacity of 60 million tonnes per year.

The Rio Tinto share equates to 27 million tonnes per year.

Simandou, located in Guinea, is to be operated as the Simfer joint venture, which is owned by Rio Tinto, Chalco Iron Ore Holdings and the Guinean government

It said it has converted an estimated 1.5 billion tonnes, which supports a 26-year mine life with an average grade of 65.3% iron. At December 31 2022, the firm said the mine concession held an estimated 2.8 billion tonnes.

Rio Tinto Copper Chief Executive Bold Baatar said: ‘We are continuing to work closely with the Government of Guinea, Chinalco, Baowu and WCS towards full sanction of this world class project by all partners.

‘Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonisation of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development.’

Rio Tinto shares rose 1.8% to 5,519.88 pence each on Wednesday morning in London.

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