THE world is headed for a severe shortage of copper crucial to the green-energy transition as new mines become increasingly difficult to build, according to the new head of Anglo-American Plc.
“I genuinely don’t see where all of this copper is going to come from at this point in time,” Anglo Chief Executive Officer Duncan Wanblad said in an interview in London on Thursday.
The copper price has slumped in recent months as inflationary fears hit western markets and China’s demand was curbed by sweeping Covid controls, but many investors remain bullish on the longer-term picture.
Nearly all the biggest miners are looking to expand their copper production: Rio Tinto Group is trying to buy out Turquoise Hill Resources Ltd. to increase its exposure to a giant mine in Mongolia, and is also seeking to develop a huge copper mine in the US. Top miner BHP Group has evaluated some
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