BUSINESS

Rio Tinto Chief Warns of Growth-Stalling Mineral Shortages From AI and the Energy Transition

Published: Sep. 30, 2026 9:31 p.m. GMT+8

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Rio Tinto Chairman Dominic Barton speaks Wednesday by video link to the Asia New Vision Forum in Singapore.

Global economic growth could stall if the supply of minerals fails to keep up with soaring demand driven by AI and the energy transition, Rio Tinto PLC Chairman Dominic Barton warned the Asia New Vision Forum 2026 in Singapore on Wednesday.

The remarks underscore the mounting pressure on the global mining industry to accelerate the production of critical materials amid geopolitical tensions and long development timelines that threaten to derail global decarbonization goals.

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Global economic growth risks stalling if mineral supply lags AI and energy transition demand, warned Rio Tinto Chairman Dominic Barton.
EVs require 4x more copper than combustion cars; net-zero needs as much copper in 25 years as mined in 10,000, with prices hitting ~$6.90/lb in Sept.
Mining projects face long timelines (17 years average) and geopolitics; cooperation with governments and Chinese partners is essential, as seen in Simandou.

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Who’s Who

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What Happened When

1997：: Rio Tinto acquired exploration rights for the Simandou iron ore project.

2025：: The Simandou iron ore project in Guinea was completed.

2026-03：: A land swap was completed for the Resolution copper mine in Arizona, granting the right to explore the area.

2026-09-09：: Global copper prices hit a new high of about $6.90 a pound, up more than 50% year-on-year.

2026-09-30：: Dominic Barton warned at the Asia New Vision Forum 2026 in Singapore about potential economic stall due to mineral supply shortages.

By 2051：: To achieve net-zero carbon emissions, the world will need as much copper in the next 25 years as humanity has mined in the past 10,000 years.

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