Taken from another Copper explorer siteAn interesting study by...

Taken from another Copper explorer site

An interesting study by University of Michigan sets out the looming long term copper deficit will be difficult to solve just because of the sheer scale of new requirements for copper.***************************************************************************

Copper cannot be mined quickly enough to keep up with current policies requiring the transition to electric vehicles (EVs), according to a University of Michigan study. Copper is fundamental to electricity generation, distribution and storage. According to GlobalData, there are more than 709 copper mines in operation globally, with the largest being the Escondida mine in Chile, which produced an estimated 882,100 tonnes of copper in 2023.

This may sound like a lot but with electrification ramping up globally it is not. The Michigan study, Copper mining and vehicle electrification, has focused on the copper required just for the production of EVs over the coming years. Many countries across the world are putting forward policies for EVs. For instance, in the US the Inflation Reduction Act, signed into law in 2022, calls for 100% of cars manufactured by 2035 to be electric. However, an EV requires three to five times more copper than petrol or diesel cars, not to mention the copper required for upgrades to the electricity grid.

“A normal Honda Accord needs about 40 pounds of copper. The same battery electric Honda Accord needs almost 200 pounds of copper,” said Adam Simon, professor of earth and environmental studies at the University of Michigan.

“We show in the paper that the amount of copper needed is essentially impossible for mining companies to produce.”The researchers examined 120 years of global data from copper production dating back to 1900. They then modelled how much copper is likely to be produced for the rest of the century and how much copper the US electricity infrastructure and fleet of cars would need to upgrade to renewable energy.The study found that renewable energy’s copper needs would outstrip what copper mines can produce at the current rate. Between 2018 and 2050, the world will need to mine 115% more copper than has been mined in all of human history up until 2018 just to meet current copper needs without considering the green energy transition.

To meet the copper needs of electrifying the global vehicle fleet, as many as six new large copper mines must be brought online annually over the next several decades.

About 40% of the production from new mines will be required for EV-related grid upgrades.

Come on HOR - Pull your finer out and get this stuff processed.......