Dominic Barton, Chairman of Rio Tinto (RIO.US), has stated that in order to meet the increasing global demand for key energy transition metals such as copper, more mines need to be developed because mergers and acquisitions cannot fill the urgent supply gap.

Barton said, "As an industry, we will not address this challenge through inorganic expansion. This is a huge challenge involving at least five different bulk commodity sectors."

In recent months, global mining M&A activity has increased as mining companies rapidly increase additional production due to healthy cash flow and encouraging prospects for key green energy metals. BHP Group Ltd (BHP.US), the world's largest mining company, is one of the most active acquirers. After its $49 billion acquisition of Anglo American plc (NGLOY.US) was rejected, the company made a bid for Filo Corp.

However, Rio Tinto has remained silent in the field of mergers and acquisitions and instead invested hundreds of millions of dollars in exploration, with a focus on copper and lithium. However, Barton stated that the company is "looking for opportunities".

He said, "We can only build more mines. In the next 30 years, we will need to discover and mine more copper."