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 refine copper. This strong growth is the direct result of increasing demand from the EV market with the ongoing growth being a key factor for the copper market. It is importance the market uses a diversified approach to copper mining to meet the growing demand and ensure market stability. 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. Companies and investors, understanding the significance of this element, can better adapt to market dynamics and demand, contributing to the creation of a more sustainable future.
Sources: US. Geological Survey, International Copper Study Group