Japanese companies increase investment in copper mines in order to seize the electric vehicle market

Published: Dec 17, 2018 11:50

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SMM12, March 17: Japanese trading companies are increasing their investment in South American copper mines. They believe that increasing the use of electric vehicles will increase the demand for metals. Mitsubishi has decided to invest about $4.85 billion in copper mines in Peru with a British resources company. Undeveloped mines are believed to have the largest reserves of copper in the world. The companies hope to start production by 2022. Sumitomo will be involved in the operation of the Chilean copper mine. Marubeni is investigating at another mine in Chile. Trading companies hope to get copper resources before the global market shifts to electric vehicles. The production of electric vehicles requires about three times as much copper as gasoline-powered vehicles. In addition, copper is also needed for charging facilities for electric vehicles, which is a big boost to copper demand.

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