Current Markets
Australia's copper production is predicted to rise until the end of 2028-29 as exploration spending increases.
Copper industry revenue has grown at a CAGR of 3.5% over the past five years, to reach an estimated $9.6bn in 2024.
Copper Market Analysis
Copper is crucial for renewable energy, essential to achieving net-zero emissions. McKinsey predicts global electrification will push annual copper demand to 36.6 million tonnes by 2031, up from the current 25 million tonnes. However, supply is expected to reach only 30.1 million tonnes, leaving a 6.5 million tonne shortfall by the early 2030s (Mining.com, 2023). The share of copper used for green purposes, which was 4% in 2020, is anticipated to rise to 17% by 2030. S&P Global Market Intelligence projects that global copper demand will nearly double to 50 million tonnes by 2035, while last year's mine production was around 22 million tonnes, insufficient to meet even current demand.
1.16 million tonnes in 2028–29
Source: https://mining.com.au/buy-now-cu-later-copper-miners-buying-production/
