A simple statistic shows why mining group Rio Tinto has set its sights on becoming the next king of copper: an electric car needs 42kg of the metal — almost three times more than a traditional combustion engine vehicle.
This has helped dub copper “the metal of electrification” with demand expected to double to about 50mn tonnes annually by 2035 as the world transitions to cleaner energy for cars and industry, according to Wood Mackenzie.
However, the consultancy also forecasts demand for the metal is likely to outstrip supply as soon as 2026, prompting miners such as Rio to re-evaluate their long-term strategy for copper.
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