In a “net zero” scenario where countries strive to eliminate greenhouse gas emissions, Teck’s forecast shows annual demand for so-called new energy copper would hit 52 million by 2050 – a 105% surge from 2023.
“We’re relatively bullish long term on copper,” Schwartz told the Mining Research Analyst Group’s annual forecast luncheon in Toronto this month. “We’ve spent a few billion dollars to prove our commitment.”
Teck, Canada’s largest diversified miner, is in the midst of a four-year, $3.9 billion plan to boost copper production to about 800,000 tonnes annually. Central to this growth plan is the ramp-up of Chile’s Quebrada Blanca mine, which is 60% owned by Teck.
EV driven
Despite a near-term softening in demand, electric vehicles are expected to remain the biggest driver of future copper usage. By 2050, consumption from electric vehicle makers could increase eight-fold from its 2023…
