Transition to Clean Energy Clearly Paints A Picture of Growing Copper Demand

Copper is critical to the clean energy transition. Wood Mackenzie estimates that an electric car needs 3.5 times as much copper as a car with an internal combustion engine. The bus takes about 11 times. As we transition to electric vehicles, it's clear that this will increase copper demand. By 2030, the grid infrastructure needed to support the expected number of charging stations is expected to consume 250% more copper than it did 10 years ago. No matter which power supply wins out, copper is required, making this trend a very safe bet. The aforementioned projects clearly paint a picture of growing demand. Normally, this would be responded to by the supply side, but new developments are limited. Some key projects have been blocked in major jurisdictions due to ESG concerns, with Rio Tinto and Antofagasta projects stranded in the US over the past 12 months.