According to a report by Mining.com, the evolution of the global copper mining landscape has made the exploration and development of deposits increasingly challenging.
As copper ore is being discovered at greater depths, the costs of extracting these resources have risen, and the technical difficulties have increased, ultimately driving up copper prices.
A chart jointly compiled by Visual Capitalist - Elements and BHP illustrates the depth and scale of major copper ore discoveries since 1900.
A Century of Copper Ore Discoveries
Based on data from Australian mining consultancy MinEx Consulting and BHP up to 2022, the chart highlights copper ore discoveries exceeding 3 million mt of copper equivalent.
The most recent major discovery was the Filo de Sol in Argentina in 2020, located 600 meters below the surface, with copper equivalent resources just over 11 million mt.
The Andina copper mine discovered in Chile in 1955, with a copper equivalent of 144 million mt, remains the largest discovery since 1900. However, near-surface discoveries of this scale have become increasingly rare.
The Escondida copper mine, discovered in 1981, was buried at a depth of only 40 meters, in stark contrast to later discoveries of deeper deposits, such as the Resolution copper mine discovered in 2002 at a depth of 1,280 meters.
The Future of Copper Mining
Recent trends in copper ore discoveries underscore that copper mines are becoming more difficult to develop than ever before.
BHP believes that while copper recycling will play an important role in meeting growing demand, it is not enough to bridge the gap. The focus remains on improving productivity through technological advancements to increase the supply of primary copper.
BHP estimates that addressing these challenges will require an investment of $250 billion over the next decade.
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