A new Nevada mine is 1st in U.S. in a decade as investment & mine expansions lift copper production to supply electric car demands.
Four U.S. copper projects are set to open by next year, with several mine expansions also underway across the country.
U.S. copper deposits-the world’s fifth-largest copper reserves-have also drawn more than $1.1B in investments from small and large miners alike says Reuters.
The moves are expected to boost U.S. copper production by at least 8% in the next four years, according to data from the International Copper Study Group and DBS.
Nevada Copper Corp’s Pumpkin Hollow in Yerington is one of the first to be opened in more than a decade and is less than 60 miles (100 km) from Tesla’s massive Gigafactory-a closeness that one main investor said was a key factor for investment.
“Copper is king for this electrification trend taking over the global economy,” said Matt Gili, Nevada Copper’s chief executive. “We see demand increasing steadily in the years ahead and, so far, supply is not keeping up.”
Taseko Mines Ltd, THEMAC Resources Group Ltd and Excelsior Mining Corp are aiming to open copper mines by the end of 2020.