According to an article published on the Rio Tinto website on Thursday, AlfBarrios, the company's aluminum subsidiary, recently said that global demand is already growing rapidly, with an increase of more than 4%. Rio Tinto's annual growth in medium and long-term aluminum demand is expected. estimate. Barrios said, "Aluminium is different from bauxite. It is estimated that China's bauxite demand will increase significantly in the next 15 years. This is an opportunity we are very much looking forward to." In 2015, Rio Tinto's Amrun project, developed in the remote Cape York Peninsula in Queensland, Australia, was approved. Production will reach 23 million tons from 2019, which is expected to offset the impact of the decline in existing mining output. The output increased by 10 million tons. Barrios also pointed out that "With the decline in the quality and scale of China's domestic supply, China has increased its annual import volume from 2.2 million tons to 50 million tons in the past 10 years. In view of the further increase in China's imports, plus countries such as Malaysia and Indonesia. As competitors face raw material export restrictions, Australia will benefit from it." The Australian Ministry of Industry, Innovation and Technology expects Australian exports to grow at an average annual rate of 36% from FY 2018 to FY 2021. However, he believes that commodity markets, including aluminum, may still face challenges in the short term, but prices should improve before 2020, saying that “alloy is still one of the fastest growing metals in the medium and long term. ." In addition, Barrios added, “Aluminium for automotive use is likely to account for about half of the increase in demand over the next 15 years.†The weight of aluminum alloy is one-third that of steel, which means that automakers are increasingly using aluminum instead. In order to reduce the weight of the car and meet more stringent energy-saving standards.
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Welcome to the 15 years of prosperity - the aluminum mine industry
Rio Tinto, the world's second-largest mining company, said on Thursday (June 2) that demand for raw materials from China's aluminum refineries and alumina plants is expected to bring bauxite exporters a 15-year boom. Rio Tinto is currently spending $1.9 billion to increase bauxite production.