COPPER SEMINAR: 2005 vs 2021 - how miners are facing copper demand acceleration amid supply shortage

Rapidly accelerating demand, miners scrambling to meet the world’s copper appetite – are we back to 2005?

China’s growth had driven the commodities boom in the early 2000s, but this time it is linked to copper’s intrinsic properties that make it the metal of choice for large-scale decarbonization.
But the gap between potential demand and supply is even more acute this time, a challenge that copper producers have to face by embracing technological innovations, top executives at some of the world’s largest miners said during the virtual Fastmarkets Copper Seminar.
During the ‘Adapting to the evolving mining sector’ panel discussion on Friday March 12, representatives from Freeport-McMoRan, Vale and Anglo American all noted the difficulties in developing a new large-scale copper project.
“The easy projects have been done, and if you see the new copper projects in the pipeline now, it is half of the new projects in queue from even 10 years ago,” Kathleen Quirk, president and chief financial officer of Freeport, said.

Published

Rijuta Dey Bera

March 12, 2021

13:25 GMT

New York