The shift toward decarbonization will require vast amounts of copper to produce electric vehicles (EVs), extend transmission lines and install new wire in renewable power sources.
Very few major copper mines have started operations in recents years, with only two opened between 2017 and 2021, according to the International Copper Study Group (ICSG).
While there are now four mines coming on stream or ramping up almost simultaneously — Kamoa-Kakula in Congo, Quellaveco in Peru and Quebrada Blanca II and Spence-SGO in Chile — main market players are still predicting a massive supply shortfall by 2030.
Speaking this week in South Africa at the India conference, Friedland said 700 million tonnes of copper had been mined in human history and a further 700 million tonnes would be needed in the next 22 years just to keep annual global growth rates of 3%.
The mining veteran made his fortune from the Voisey’s Bay nickel project in…
