FOREWORD
COPPER SHORTAGE LOOKS LIKE IT ’ S HERE TO STAY
“ We ’ re forecasting major deficits in copper up to 2030 ”
MINING MAGAZINE IS PUBLISHED BY
ROBIN GRIFFIN METALS & MINING
RESEARCH VP WOOD MACKENZIE
The global move to clean energy is fuelling demand for copper that supplies cannot match , and an end to the problem is not in sight As the world continues to shift towards sustainable energy sources the demand for copper – such a vital component in electrical systems – is soaring .
Copper ’ s role in global electric vehicle production is particularly vital here . An EV requires more than three times the amount of copper than is used in an internal combustion engine , while buses require at least ten times as much .
But the supply of copper is nowhere near matching this increased demand . The world ’ s copper shortage is being fuelled by increasingly challenging supply streams in South America . Meanwhile , Peru – the world ' s second-largest copper producer – has been hit by social unrest , while Panama ’ s biggest copper mine ( First Quantum Mine ) is in a dispute with the government over taxes . Chile is struggling too , with its fall-off in copper production explained by lower ore grades , water shortages and delays to major investment projects . In this issue we hear from Robin Griffin , Metals & Mining Research VP at Wood Mackenzie , a provider of data and analytics for the energy transition .
“ We ’ re forecasting major deficits in copper up to 2030 ,” Griffin says .
If true , this worrying forecast could mean that the move to clean energy is compromised by a chronic copper shortage .
And with a copper mine taking an average of 23 years from exploration to being on line , it ’ s difficult to see how the supply issue will be resolved any time soon .
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