Warning comes as falling prices hit commodity vital for green transition
The world’s largest copper producers have warned that there is a lack of mines under development to deliver enough of the metal to keep pace with the clean energy transition. The warning comes as miners struggle with falling metal prices because of the weakness of the global economy and cost inflation, which makes executives, investors and banks cautious over financing new projects.
Its use will become ever greater as the world goes green, resulting in it being dubbed the “metal of electrification”, with forecasts that it will double to a 50mn tonne market by 2035 compared with 2021 levels, according to S&P Global, which predicts a “chronic gap” between supply and demand. Also speaking at the FT summit, Robert Friedland, billionaire mining magnate and founder of Ivanhoe Mines, said that the current bout of softer prices would stoke shortages later on.
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