The International Energy Forum (IEF) has released data revealing the world will need to significantly increase its copper production to meet electrification goals.
The IEF is the world’s largest international organisation of energy ministers from 73 countries and includes both producing and consuming nations.
The report found that just meeting business-as-usual demand will require a 115 per cent boost in copper production in the next 30 years compared to what has currently been mined up to now.
To electrify the global vehicle fleet requires bringing into production 55 per cent more new mines than would otherwise be needed.
The report called for immediate attention from governments and industry to work together to meet the world’s growing copper needs.
“We hope this will promote discussion and formulation of alternative policies to be certain the developing world can catch up with the developed world while global initiatives advance with the green energy transition,” the report said.
There has been significant movement within the copper sector to increase production intensity, with both major and junior miners coming to the table.
Copper has become a major focus for the likes of Anglo American and Rio Tinto, and BHP, with Anglo and the Big Australian currently in the midst of an ongoing takeover tousle for Anglo’s copper stronghold.
Approvals for new copper mines are abound with AIC Mines’ prospective Jericho copper mine recently greenlit by the Queensland Government, and True North Copper’s Cloncurry project, also in Queensland, set to become a dominant producer by the end of the year.
Across the country, GreenTech Metals and Anax Metals have recently formed a new copper alliance in the Pilbara region of Western Australia.
Though the IEF’s report shows the industry has a challenge ahead to meet growing demand, it’s certainly an exciting time for the copper industry in Australia and across the globe as operators take up and expand projects.
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