Copper is among the three most used metals in the world, and high quantities of the red metal must be mined every year to meet global demand. The market for copper is equal to approximately $120 billion each year, which rivals that of even iron ore, the most widely traded metal. This is because infrastructure, technology, and automobiles consume massive amounts of copper.
The problem is: copper is not being discovered fast enough to meet upcoming demand. A study by Wood Mackenzie found that there will be a 10 million tonne supply deficit by 2028. That’s equal to the annual production of the world’s biggest copper mine (Escondida) multiplied by a factor of ten.
The Looming Copper Supply Crunch
Infographic presented by Western Copper & Gold