Rio Tinto chief executive officer Jakob Stausholm underscored China’s indispensable role as a cornerstone market for the Anglo-Australian miner.
BEIJING: China’s ambitious shift toward green energy is set to fuel significant demand for commodities like copper, aluminium and lithium, creating substantial opportunities for multinational mining giants such as Rio Tinto.
Speaking in Beijing, Rio Tinto chief executive officer Jakob Stausholm underscored China’s indispensable role as the world’s major manufacturing powerhouse and a cornerstone market for the Anglo-Australian miner.
“China, the manufacturing hub of the world, is fundamental for us and accounts for a commanding 57% of our total revenue, solidifying its position as our largest customer,” said Stausholm.
Beyond just a market for the company, China has been rapidly evolving into a crucial sourcing partner, with procurement from the country exceeding US$4.2bil in the past year alone, reflecting a deepening economic interdependence, Stausholm said.
He emphasised the country’s resolute drive toward a sustainable future through massive investments in solar and wind energy infrastructure, the expansion of sophisticated grid networks, cutting-edge battery production facilities, and the burgeoning electric vehicle (EV) industry.
“China is amazing in terms of energy transition, starting from rollouts of solar energy and onshore wind, expanding the grid network, and EVs.
“It all leads to more demand for our commodities, providing massive opportunities for multinational corporations like Rio Tinto,” he said.
Industry experts believe China’s rapidly expanding green energy sector represents an unprecedented market opportunity for international energy companies.
China’s dual drivers of ambitious carbon neutrality targets and massive renewable energy investments make it a highly compelling destination for global firms, said Wang Lining, director of the oil market department under the economics and technology research institute of China National Petroleum Corp. — China Daily/ANN
