To Get the Copper We Need, Prices Have to Double
Newser • • business
Key Points:
- A University of Michigan-led study suggests that copper prices need to at least double from around $13,000 per ton to incentivize the development of new mines essential for meeting rising global demand.
- Copper demand is projected to increase from 23 million tons in 2023 to 37 million tons by 2050 under current trends, and could reach nearly 92 million tons annually if the world fully transitions to renewables and electric vehicles.
- New copper mine developments typically cost over $22,000 per ton of annual output, significantly higher than current market prices, posing challenges for supply expansion.
- While recycling and exploiting lower-grade ores can contribute, they are insufficient alone to meet future demand, necessitating faster and more predictable mining
