Over the next 25 years, demand will only continue to increase as countries try to achieve global climate change ambitions. Studies show that demand will grow dramatically from 25 million metric tons (t) today to about 50 million t by 2035, a record-high level that will be sustained and continue to grow to 53 million t by 2050. If production levels do not increase significantly, demand is likely to remain unmet. Experts agree that substitution and recycling will not be enough to meet the demands of EVs, power infrastructure, and renewable generation.
Therefore, unless massive new supply comes online in a timely way, the goal of net-zero emissions by 2050 will remain out of reach.
The US – the world’s fifth largest copper producer with the world’s sixth largest copper reserves at 48 million tons – is uniquely positioned to address the impending supply-demand imbalance.
“Looking around the world, many copper reserves and projects are located in risky jurisdictions, which has been one of the challenges to bring on new supply,” explained Stuart McDonald, president and CEO of the North American mining company Taseko Mines, noting that today, almost 40% of copper production comes from Chile and Peru, which are both experiencing political and social instability.
In the past few years, copper production in the US has remained relatively st …
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