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demand upside potentially “unlimited” delegates at Benchmark Week 2024 told","copper-demand-upside-potentially-unlimited-delegates-at-benchmark-week-2024-told","article/copper-demand-upside-potentially-unlimited-delegates-at-benchmark-week-2024-told",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":654,"featured":51,"reporter":655,"_editable":659,"component":660,"seo_title":553,"categories":661,"visibility":668,"author_company":49,"featured_image":669,"seo_description":654,"author_full_name":49,"author_job_title":49,"formattedDate":673,"formattedArticleDate":674},"a46e2e2e-5e62-42fe-a55f-3eb8ba4547f0","2024-11-15 00:00",[560],{"slug":561,"name":562},"benchmark-week-2024","Benchmark Week 2024",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,593,602,607,612,617,622,629,634,639,644,649],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Copper prices will need to rise to incentivise new supply as demand upside is potentially “unlimited”, Paul Gait, Group Head of Strategy at Anglo American, told the Benchmark Week 2024 conference.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Gait emphasised copper’s foundational role in the global economy and its importance in the energy transition. Without copper, “the decarbonisation and electrification of the global economy simply doesn’t take place,” he said.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"Clean technologies are set to command an increasingly large share of copper demand, projected to grow from 22% in 2022 to 29% by 2030, according to Benchmark data.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"type":597,"attrs":598},"image",{"id":49,"alt":599,"src":600,"title":49,"source":49,"copyright":49,"meta_data":601},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXdAtRRRU4dwal-fHpF4YJSjYfMxD_ZTzWuA7Ssf5Nk7zrqCzFBZYj14-uJNKpkrH-idhwmg8ge7mQMTzhs5CuF9VdAewsOjZDUNm9gicyqwxXbC1VBHyQTf7-2JPcBbYjZfdDqCEg?key=A0HpHEaG87PKjxKXGnZaOIJE",{},{"type":577,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":582},"“There has been a break from copper’s traditional role as a bellwether of the global economy. We’re now seeing rapid growth in clean technology applications, which will shape the copper demand curve moving forward,” Mike Finch, Head of Strategic Initiatives at Benchmark, said.",{"type":577,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":582},"Aside from electrification, Gait emphasised copper’s role in global industrial development, crucial for closing the economic gap between the richest nations and the developing world. “We believe the ‘green’ transition has to be a ‘just’ transition,” he said. “We can’t expect decarbonisation of the global economy without economic development in lock step.”",{"type":577,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":582},"To bridge the development gap, Gait estimated that 2-2.5 billion tonnes of copper would be needed—roughly twice the current known reserve base of the entire industry. ",{"type":577,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":582},"“For all intents and purposes, future copper demand is essentially unlimited,” he stated.",{"type":623,"attrs":624,"content":626},"heading",{"level":625,"textAlign":49},4,[627],{"text":628,"type":582},"Supply constraints and investment hurdles",{"type":577,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":582},"However, the supply-side faces significant obstacles to match copper’s demand prospects.",{"type":577,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":582},"“Copper demand from EVs alone will require the equivalent of three new Escondida-sized mines by 2039, even accounting for thrifting efforts,” Finch noted.",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"Gait outlined several critical supply-side challenges hampering new project development, including rising capital costs for the mining industry and geological challenges—such as deeper ore bodies and lower-grade resources—having an inflationary impact on mining costs. Additionally, regulatory environments have become more restrictive, stifling new mining projects, while geopolitical tensions, particularly between China and the US, are complicating copper trade and distribution.",{"type":577,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":582},"Although recent mine disruptions have brought forward deficit projections in the copper market, miners have turned to acquisitions to boost production rather than bearing the risks of new project development. This approach allows them to capitalise on the supply gap while avoiding the financial and operational challenges posed by high capital costs, inflationary pressures, and permitting delays.",{"type":577,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":582},"“Ultimately, price clears the market,” Gait said. “We’ll see either a price level that stimulates new supply or one that curtails demand. But if the industry substitutes copper with inferior materials, it doesn’t actually solve the problem.”","Copper prices will need to rise to incentivise new supply as demand upside is potentially “unlimited”, Paul Gait, Group Head of Strategy at Anglo American, told the Benchmark Week 2024 conference. Gait emphasised copper’s foundational role in the global economy and its importance in the energy transition. Without copper, “the decarbonisation and electrification of the […]",[656],{"slug":565,"name":566,"content":657},{"job_title":568,"image":658,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a46e2e2e-5e62-42fe-a55f-3eb8ba4547f0\", \"id\": \"\"}-->","article",[662,665],{"slug":663,"name":664},"copper","Copper",{"slug":666,"name":667},"critical-minerals","Critical Minerals","private",{"id":49,"alt":599,"name":599,"focus":599,"title":599,"source":599,"filename":670,"copyright":599,"fieldtype":671,"meta_data":672,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6d90e19e90/bm-paul-gait-anglo-copper.jpg","asset",{"alt":599,"title":599,"source":599,"copyright":599},"Nov 15, 2024","15th November 2024",[],[],1792773894039]