Tom Palmer, the President and CEO of Newmont (the World's largest gold producer), believes that copper production is essential for the global transition to a clean energy economy. He has said that copper is "a critical metal required for the global energy transition."
In his speech at Minerals Week 2023, Palmer noted that the world is expected to need nearly twice as much copper by 2035 to meet the demands of the clean energy transition. He also warned that the world is currently facing a copper shortfall, with demand expected to outpace supply in the coming years.
Palmer called on the mining industry to invest in new copper production and to work with governments and communities to ensure that copper is produced in a sustainable and responsible manner. He also said that the industry needs to build trust with society by demonstrating its commitment to safety, sustainability, and community engagement.
Overall, Palmer has a positive view of copper production and believes that it is essential for the future of the global economy. He is concerned about the current copper shortfall and is calling on the mining industry to take steps to address it.
Some of the specific things that Tom Palmer has said about copper production:
"Copper is a critical metal required for the global energy transition." "The world is expected to need nearly twice as much copper by 2035 to meet the demands of the clean energy transition." "The world is currently facing a copper shortfall, with demand expected to outpace supply in the coming years." "The mining industry needs to invest in new copper production (more deposits need to be discovered and mines built) and to work with governments and communities to ensure that copper is produced in a sustainable and responsible manner." "The industry needs to build trust with society by demonstrating its commitment to safety, sustainability, and community engagement." "In fact, by 2050, the world will only be producing 20 percent of the copper needed to meet net-zero climate goals. Bridging this gap will require significantly more copper mines, copper recycling and enhanced copper leaching processes." "We are very excited to be on the cusp of further strengthening our position in Australia with the acquisition of Newcrest, creating a company that will set the clear standard for safe, profitable and responsible gold and copper production from a world-class portfolio of top-tier operations – three of which will be here in Australia." That will ultimately be Cadia, Telfer, Boddington (as Copper and Gold Producers) and possibly Tanami (as a gold only producer).
Note: Newmont is planning on taking-over Newcrest for AUD $26.2 billion later this year, subject to regulatory approvals and Newcrest shareholder approval. This will greatly expand Newmont's gold and copper production profile to include British Columbia, Canadian projects such as Red Chris (Cu/Au) and Brucejack (Au/Ag).
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