There’s a lot of predictions about rising copper use I’m glad to say.
The latest Copper data sets on the www.copperalliance.org site suggest that in 2019 copper demand had hit 29M tonnes of which 5.7M tonnes was recycled scrap.
And a new global copper study (https://www.reportlinker.com/p0459175/Global-Copper-Industry.html?utm_source=GNW)
says world use will rise by roughly 3M metric tons (excluding scrap) by 2027.
We’ve been predicting it for some time of course. The Warren Centre’s 2016 Technology Roadmap on Copper trends in Asia-commissioned by us-forecast copper demand would experience significant growth above normal levels due the emerging trends of electric vehicles, renewable energy, urbanisation and increased efficiency demand for appliances.
A recent article by Hill + Knowlton Strategies backed this view, saying that “Many of the trends we observe are related to pressure to cut greenhouse gases and drive energy efficiency, both areas where copper has a substantial role to play.”
ICA’s Colin Bennett also noted that “Copper’s ability to be recycled without any loss of performance makes it an essential material in the future circular economy.”
This percentage of copper use coming from scrap will increase as the world searches for more and more viable copper mines. At the moment we have the capacity to meet demand and there is a possible future expanded capacity at listed mines of 2.8M tonnes.
There are several future mines planned for development after 2023 including the Resolution Mine, El Pachon, La Granja and Casino. I am sure strengthening of copper prices will encourage future developments as the world pushes for a cleaner, safer and healthier environment
Where will the next big find be in Australia?
Cheers
John Fennell