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Demand for the metals needed for the energy transition and a falling iron ore price are encouraging Rio Tinto and BHP to expand investment and production, analysts say, with the big dividends shareholders have come to expect likely to take a hit.

An emerging global supply shortfall and booming demand due to the clean-energy transition are set to support big gains in the price of copper, leaving investors hunting exposure to the few mining projects currently online.

China is seeing an acceleration in growth forecasts which will filter through to higher demand for commodities, managers say.