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Decreasing Copper Production May Impact Green Energy Transition
By Shubhendra Anand , 15 January, 2024
The global market will face copper deficiency, as the world's largest copper mines have been forced to close due to elevated demand for refined metals in 2023. Panama closes the first Quantum Minerals Ltd. copper mine, resulting in declining production of tons of copper in 2023. The initial months of 2024 are expected to witness low copper supplies in the market, citing above mentioned reasons.
According to surveys, the Chinese market will suffer significantly with declining copper supplies in 2023. The deficit of copper is expected to move into 2024 as copper mining fails to meet the increased demand for copper in the Chinese market. China is known to depend on copper due to growing usage in different fields compared to previous years in 2023. Analysts cite the above points as the essential factors that showcase declining copper supplies. Survey reports suggest that refined copper usage will increase by 1.2 percent towards the end of 2023 and 2.4 percent by 2024. Further, surveys report that the manufacturing of copper-based products will increase in the market despite the lack of copper supplies.
Earlier in the beginning of December 2023, the Panamanian government warned about the closure of cobre copper mines, regarded as the world's largest copper mines. The Cobre copper mines are known for producing 400,000 tons of copper annually. Another American Mine, Anglo American Plc, reveals a plan to reduce copper production by 200,000 tons for 2024. The survey further reveals that copper production will fall through 2025. Based on the survey results, copper prices have risen by 1.5 percent compared to prices at the beginning of 2023.
The reduction in copper production shows the importance of copper in the transition to green energy. Copper accelerates the clean energy transition that countries aim to achieve by 2050. Copper production is much needed in light of the transition to green energy for renewable energy infrastructure and the rising demand for electric vehicles.
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Shubhendra Anand
Head Research
