Remolino

Copper Demand Expected to Nearly Double by 2035

Retrieved on: 
Wednesday, August 3, 2022
Private Securities Litigation Reform Act, Annual report, Copper City, Glenn County, California, Remolino, Securities Exchange Act of 1934, CS, Torc, Industry, MSC, Atacama Region, Risk, BHP, Silver, Miner, Margarita, NYSE, Southern Copper Corporation, S&P Global, Geochemistry, Mining, Gold, Falla, GHG, Growth, TSX, Income, U.S. Securities and Exchange Commission, Barrick, OTCQX, International Energy Agency, SCCO, IOCG, Review, Capstone, Molybdenum, FNM, Securities Act of 1933, Federal Lands Jobs and Energy Security Act, Form 10-K, Security (finance), Article, ANY, GOLD, Program, Wind, News, Forward-looking statement, Solution, NOT, Carbon, Financial adviser, Copper, Newmont Corporation, Author

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Copper supply can't keep up with the booming demand for copper, putting net-zero emissions targets at risk, according to a new report from S&P Global. Copper is essential for electric vehicles, wind and solar power, and infrastructure that transports and stores renewable energy. The report projects that copper demand will almost double to 50 million metric tons by 2035 and reach over 53 million metric tons by 2050. To put that number into perspective, S&P Global noted that it's "more than all the copper consumed in the world between 1900 and 2021." Solving the supply shortage isn't as simple as building new mines. A new copper mine takes an average of 16 years to start up, according to the International Energy Agency. Companies mining copper like Barrick Gold (NYSE: GOLD) (TSX: ABX), Capstone Copper (TSX: CS), Southern Copper Corporation (NYSE: SCCO), and BHP Group Ltd (NYSE: BHP) need to increase production to meet the higher demand, while companies exploring for copper, like Torq Resources Inc. (OTCQX: TRBMF) (TSXV: TORQ), need to make new copper discoveries to uphold the supply for the major miners.

Key Points: 
  • NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Copper supply can't keep up with the booming demand for copper, putting net-zero emissions targets at risk, according to a new report from S&P Global .
  • Copper is essential for electric vehicles, wind and solar power, and infrastructure that transports and stores renewable energy.
  • The report projects that copper demand will almost double to 50 million metric tons by 2035 and reach over 53 million metric tons by 2050.
  • A new copper mine takes an average of 16 years to start up, according to the International Energy Agency.

Copper Demand Expected to Nearly Double by 2035

Retrieved on: 
Wednesday, August 3, 2022
Private Securities Litigation Reform Act, Annual report, Copper City, Glenn County, California, Remolino, Securities Exchange Act of 1934, CS, Torc, Industry, MSC, Atacama Region, Risk, BHP, Silver, Miner, Margarita, NYSE, Southern Copper Corporation, S&P Global, Geochemistry, Mining, Gold, Falla, GHG, Growth, TSX, Income, U.S. Securities and Exchange Commission, Barrick, OTCQX, International Energy Agency, SCCO, IOCG, Review, Capstone, Molybdenum, FNM, Securities Act of 1933, Federal Lands Jobs and Energy Security Act, Form 10-K, Security (finance), Article, ANY, GOLD, Program, Wind, News, Forward-looking statement, Solution, NOT, Carbon, Financial adviser, Copper, Newmont Corporation, Author

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Copper supply can't keep up with the booming demand for copper, putting net-zero emissions targets at risk, according to a new report from S&P Global. Copper is essential for electric vehicles, wind and solar power, and infrastructure that transports and stores renewable energy. The report projects that copper demand will almost double to 50 million metric tons by 2035 and reach over 53 million metric tons by 2050. To put that number into perspective, S&P Global noted that it's "more than all the copper consumed in the world between 1900 and 2021." Solving the supply shortage isn't as simple as building new mines. A new copper mine takes an average of 16 years to start up, according to the International Energy Agency. Companies mining copper like Barrick Gold (NYSE: GOLD) (TSX: ABX), Capstone Copper (TSX: CS), Southern Copper Corporation (NYSE: SCCO), and BHP Group Ltd (NYSE: BHP) need to increase production to meet the higher demand, while companies exploring for copper, like Torq Resources Inc. (OTCQX: TRBMF) (TSXV: TORQ), need to make new copper discoveries to uphold the supply for the major miners.

Key Points: 
  • NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Copper supply can't keep up with the booming demand for copper, putting net-zero emissions targets at risk, according to a new report from S&P Global .
  • Copper is essential for electric vehicles, wind and solar power, and infrastructure that transports and stores renewable energy.
  • The report projects that copper demand will almost double to 50 million metric tons by 2035 and reach over 53 million metric tons by 2050.
  • A new copper mine takes an average of 16 years to start up, according to the International Energy Agency.