From today's West Australian newspaper: Net zero scenario...

From today's West Australian newspaper:
Net zero scenario requires 9.7Mt of new copper supply over next decade: Wood Mackenzie

Research firm Wood Mackenzie says 9.7Mt of new copper supply will be needed over the next decade to meet net zero goals. Credit: Andrey Rudakov/Bloomberg

The global energy transition presents an “almost unattainable” mine supply challenge with 9.7 million tonnes of new copper supply needed over the next decade and more than $US23 billion ($36.7b) a year for the next 30 years.
That’s according to a new report by research firm Wood Mackenzie, which warned that to meet net zero emissions targets the mining industry would have to deliver new projects “at a frequency and consistent level of financing never previously accomplished”.
“Copper’s critical role in the energy transition is undisputed. It’s the significant pull on the metal’s existing and potential supplies, and the investment required that needs urgent attention,” Nick Pickens, the firm’s research director of copper markets, said.

Electric vehicles use more than double the copper of an internal combustion engine automobile, and the metal is also used heavily in EV infrastructure.
WoodMac noted the 9.7 Mt of new mine supply would come from projects that have yet to be sanctioned — equivalent to nearly a third of current refined consumption. “This compares with 6.5 Mt under our base-case outlook, in itself a challenge,” the research firm added.
While approximately 17Mt of annual copper production is in the project pipeline — nearly double the volume required to limit warming to 1.5C — WoodMac flagged some of these projects have not yet been developed because of poor economics.
“In theory, higher prices should encourage project sanctioning and more supply. However, the conditions for delivering projects are challenging, with political, social, and environmental hurdles higher than ever,” Eleni Joannides, research director at WoodMac, said.
“For example, social and environmental licences to operate are proving elusive in major producing countries, including Chile and Peru.”
Meanwhile, the $US23b investment of annual investment needed to fuel new projects is 64 per cent higher than the average annual spend over the last 30 years, WoodMac said.
“This is a level of investment only previously seen for a limited period from 2012 to 2016, at the back end of the China-induced commodity super-cycle,” the firm added.
“Great strides in the energy transition will continue to be made over the next decade. However, our modelling suggests that the scale and speed of the requirements for copper, a key enabler of electrification, are a stretch.”