(Reuters) -Australian mining giant Rio Tinto forecast higher consolidated mined copper production for fiscal 2025 on Wednesday, driven primarily by an anticipated 50% surge in output from its Oyu Tolgoi operation in Mongolia next year.

Rio Tinto (NYSE:RIO) on Wednesday forecast higher copper output in the coming year as the miner ramps up the Oyu Tolgoi underground copper mine, but expects its annual iron ore shipments from its Australian operations to be little changed in 2025.

Rio Tinto forecast higher mined refined copper production next year, driven by an anticipated surge in output from the Oyu Tolgoi mine.

Anglo-Australian mining group Rio Tinto , on Wednesday lifted its capital expenditure guidance for 2025 and forecast higher copper production, mostly on an anticipated 50% output surge from its Mongolian assets.

Rio Tinto, one of the world’s largest mining companies, has reaffirmed its goal of producing one-million tonnes a year of copper by the end of the decade, as part of its strategy to become a global leaders in energy transition materials.