Rio Tinto says a boom in spending on artificial intelligence infrastructure in the United States is helping the resources giant as it pivots towards copper, with better-than-expected production of the metal headlining the company’s upbeat first-quarter update.
Rio reported it had produced 229,000 tonnes of copper – critical to the clean energy transition – in the three months to March 31, 6 per cent higher than the market had expected. The company pointed to “a major AI capex boom” in the US as it detailed its outlook to investors on Tuesday.
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