The world is in the midst of a massive energy transition. However, the pursuit of electric over fossil fuels has laid bare a shortage of a key ingredient — copper.
Copper is one of the most crucial elements powering the clean energy transition, along with lithium, cobalt, and nickel. The rusty red metal is naturally conductive, which makes it crucial for manufacturing electric vehicles, EV batteries, solar panels, wind turbines, and power grids.
Companies around the world are scrambling to introduce clean energy solutions and meet net-zero emission goals. As a result, the demand for copper is only expected to increase over the coming years.
A recent report by IHS Markit, a part of S&P Global (SPGI), estimates that demand for copper could nearly double by 2035. If this projection holds, mining companies will likely have a tough time keeping up.
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