On May 25 (Sunday), the International Energy Agency (IEA) stated in its latest outlook report that driven by the widespread adoption of electric vehicles (EVs) and rapid industrial growth in Asia, global demand for copper cathode is expected to surge significantly by 2050.
While China remains the dominant consumer, emerging economies such as India and Vietnam are poised to reshape the market.
The IEA indicated that global copper supply will peak by the end of the 2020s and then decline sharply due to falling ore grades and depleting reserves.
The IEA noted that while projects in Africa and Mongolia will boost near-term production, long-term challenges have raised concerns about meeting growing demand.
The agency stated that by 2035, global copper supply will be significantly lower than demand.
Declining ore grades, rising project costs, and a sharp slowdown in new discoveries are driving the widening supply gap, posing severe challenges for the clean energy transition.
Global production of critical energy minerals is on the rise, but the IEA warned that by 2035, the supply of copper and lithium may fall far short of demand.
In its latest outlook, the IEA pointed out that rising project costs and a slowdown in resource discoveries are major risks to achieving clean energy goals.
