US$250B price tag
Leading diversified miner BHP anticipates a re-acceleration of copper demand through 2035 with a compound annual growth rate of 2.6% versus 1.9% over the past 15 years, according to the BHP Insights: how copper will shape our future report.The company said that in absolute terms, this is about 1Mtpa of copper demand growth yearly until 2035, more than the 500,000tpa of the past 15 years.
SupplyThe copper industry has been bracing for new demand for some time, but the question has been where the new supply will come from. BHP's analysis provides little solace. Copper mining produces about 22Mtpa of copper. "Against optimistic supply forecasts, which include the development of all probable copper projects, a significant gap to expected demand in 2035 is evident, even with our positive view on copper scrap supply," it said.
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