Global Copper Demand Faces Supply Challenges

The global transition to clean energy is driving unprecedented demand for copper, which is projected to double by 2035, yet current mining operations may only meet 80% of this demand by 2030. Mark Bristow of Barrick Gold highlighted the looming copper deficit, especially in low-GDP regions where much of the untapped mineral wealth lies, while emerging technologies from startups like Still Bright propose innovative methods for copper extraction from challenging ores. India's renewable energy ambitions are also threatened by a decline in domestic copper production, forcing the country to rely more on imports amidst rising global prices. Additionally, Australia has potential to bolster copper supply, despite facing its own challenges, including the impending closure of significant mines. As the mining industry grapples with declining ore grades and environmental impacts, the urgency for sustainable practices and new technologies in copper production has never been more critical. The geopolitical landscape surrounding copper is becoming increasingly complex, as countries vie for access to this essential resource for renewable energy technologies.