Heavy Equipment - Caterpillar Joins Shovel Market - Equipment Manufacturers Position Themselves To Meet Demand From Rising Commodity Prices

In early June, Rio Tinto?s chief executive officer Tom Albanese said that he expected demand for iron ore, aluminum and copper to double in the next 15 years. Driven by global industrialization and urbanization, Albanese said during his company?s annual general meeting that to meet the demand in 2030, the additional supply required will be equivalent to replicating the iron ore output of Australia?s Pilbara region every five years, adding another aluminum production complex the size of Canada?s Saguenay every nine months and developing another copper mine the size of Escondida, in Chile, each year.