Rio Tinto Group will ramp up capital expenditure to the most in more than a decade, as the world’s biggest miners return to an era of growth.

Rio Tinto Plc will sell a 30% stake in its Winu copper-gold project in Australia to Japan’s Sumitomo Metal Mining Co. for $399 million.

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 (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.