Copper
market
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COPPER
MARKET
LOOMING SUPPLY DEFICIT & INCREASED NEED FOR INVESTMENT
LOOMING SUPPLY DEFICIT & INCREASED NEED FOR INVESTMENT
Copper and gold prices are poised to soar over the next decade as usage continues to climb. 1
To balance the copper market by 2030, it is estimated that approximately 10 million metric tons of additional copper production is required –
The equivalent of building approximately eight projects the size of BHP Group’s Escondida mine in Chile. The Escondida mine is the world’s largest copper mine with an annual capacity of 1.4 million metric tons of copper production.2
Source 1: Northern Miner Source 2: ADI Analytics
Copper Market to Grow by USD 70 Billion from 2024-2028 3
cagr market acceleration
Growth contributed
by apac
incremental
growth
growth for
2024
Copper prices surge to record high amid tariff concerns 4
Gold prices soar to all-time high over trade war concerns 5
Copper prices surge to record high amid tariff concerns 4
Gold prices soar to all-time high over trade war concerns 5
WHERE the COPPER DEMAND WILL COME from
'Traditional'
economic growth
Developed: Mature stock, mainly replacement demand.
China: Stock-in-use only half of US, still room for growth.
Developing: Relatively little stock-in-use, strong demand growth.
Energy
Transition
- EV's
- Electrification of Industry
- Wind
- Solar
- Grid storage & Augmentation
Digital
Transition
- Data Centres
- 5G / Internet
- Artificial Intelligence
- Blockchain
Source 6: BHP Mining
COPPER PRODUCTION iN CANADA
COPPER PRODUCTION iN CANADA
INCREASED NEED FOR DOMESTIC PRODUCTION:
Canada has almost 900 million tonnes of copper reserves in abundant sulphide and porphyry deposits.7
In 2023, Canadian mines produced 508,250 tonnes of copper in concentrate, marking a slight decrease of 0.2% from the 509,062 tonnes produced in 2022 and setting a new decade low.
In 2023, Canada’s total trade (exports and imports) in copper and copper-based products was valued at $15.1 billion.
CANADIAN MINE PRODUCTION OF COPPER, BY PROVINCE AND TERRITORY, 2023
Source 7: Government of Canada
