February 26, 2024
Total global resources of copper are estimated to be about 2.1 billion tonnes. Of this total resource, less than half are proven reserves (890 million tonnes). Chile accounts for over 20% of global proven reserves (190 million tonnes) followed by Australia at about 11% (97 million tonnes) and Peru at 9% (81 million tonnes). Most global copper reserves are from stable, or relatively stable, regions and therefore shouldn’t result in supply disruptions or shortages caused by political instability unlike other raw materials utilized in the production of EV batteries. Although Incorrys estimates the global reserves life for copper is over 30 years, more copper resources must be developed to satisfy the demand for EV batteries. Incorrys expects the price of copper to remain high until at least 2030. This will increase the price of batteries on a per kWh basis. Technological improvements will be required to lower battery prices and, as such, many battery technology applications for large trucks and large stationary energy storage could prove to be uneconomic.
Source: US. Geological Survey
Note: Reserves are a subset of resources that have been evaluated and deemed commercially viable for production.