CESCO: World copper demand soaring amid electrification economy, Rio Tinto exec says

The world will need the same amount of copper over the next 25 years that it has produced in the past 500 years if it is to meet global demand, according to the head of copper at global miner Rio Tinto.

Arnaud Soirat, chief executive officer of the mining company’s copper and diamonds division, said that consumption of copper arising from what he termed the “electrification of everything” made the demand picture very dynamic.
“So much so that we can, in many respects, begin to think of ourselves as technology companies, making everything from the electric car in your driveway to the smart phones that some of you are using to [post social-media] comments on my speech right now,” Soirat told delegates to CRU’s 18th World Copper Conference in Santiago, Chile, on Tuesday April 9.
“Even with signs that global growth may be slowing, even with the daily headlines about trade and tariff wars, the demand drivers are unmistakable,” he said.
Soirat told delegates that China’s growth, although at a more moderate pace, was still a significant demand driver, as was continuing growth in other emerging markets.

He...

Published

Andrea Hotter

April 09, 2019

18:48 GMT

Santiago