February 26, 2024
The copper production forecast is based on future projects and grows from about 26 million tonnes in 2022 to over 30 million tonnes in 2030. The difference between copper mine production and refined production is due to recycling which accounts for 18%, or 4.8 million tonnes, of refined copper. This strong growth is the direct result of increasing demand from the EV market. Further, the increase in copper content in batteries indicates ongoing advancements in energy storage technologies. In summary, copper remains a strategic metal in the transition to clean energy and sustainable mobility.
Sources: US. Geological Survey, International Copper Study Group