Global demand for copper is accelerating toward levels that could outstrip supply within two decades, creating what industry veteran Robert Friedland calls a once-in-history challenge for the world economy.
Over the next 18 years, he warns, humanity will need to mine as much copper as it has over the past 10,000 years combined to sustain even modest economic growth.
Friedland’s message, repeated over years of public appearances, has proven prescient. “This is the revenge of the old economy,” he said in 2021. “For two decades, not enough capital has gone into finding the metals we need for the energy transformation.”
Copper, he argues, lies at the centre of both economic growth and national security. Used in everything from electric grids to military hardware, it has become the lifeblood of modern industry. As of October 2025, copper trades at over $5.00 per pound — roughly $11,000 per tonne…
