This is why copper shortages are inevitable.
- Copper supply can’t keep up with demand.
- Over the past 30 years, copper supply increased by ~12 Mtpa
We now need to add the same amount in just one decade... 1/3 of the time
In the meantime:
- 1990-2010: ~200 large copper of copper
- 2010-2025: ~20 large discoveries, ~165 Mt of copper
- Ore grades: ~2% in 1990 vs. ~0.6% today... and still falling
So the industry faces a double constraint:
- Fewer discoveries
- Lower-quality deposits
We’re exploring less.
And each discovery delivers less metal.
The copper supply picture is broken.