Editorial comment
To reach net zero emissions by 2050, the West needs copper for the electrification of windmills, electric vehicles, and other energy transition technologies. This ambitious target requires that miners produce 1.4 billion t of the critical metal in the next 25 yr. This is more copper than was mined in the last 3000 yr. Yet, resource companies continue to face lengthy, highly bureaucratic permitting processes that delay bringing more copper mines online.
While the target date is debatable, the West’s push for net zero demands swift implementation of new copper production and recycling. The copper industry needs acceleration, not obstacles, for output, along with a mindset shift from leaders, legislators, and educators. There are numerous challenges ahead, but none are insurmountable with government support and public awareness. Here are some thoughts…
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Although the US and Canada have abundant copper deposits, extraction remains mired in politics and disinformation. All governments must support domestic copper production to amass supply for greater resource independence. Copper’s recent classification as a critical metal in both nations is a key step in setting this agenda and prioritising mine development. Still, governments must inform citizens about the impact of copper shortfalls on the energy transition and quality of life.
Sober comments must be backed by steps to drastically reform approval processes for new copper mines. Streamlining permitting can significantly reduce the time needed to start producing copper. Currently, consultations with communities (local, Indigenous, and environmental stewards) and lengthy permit deliberations can delay copper mines for 15+ years. Often, permitting processes suffer from administrative silos, causing delays. This layering can hinder productive dialogue between miners and stakeholders, impeding the search for solutions and addressing needs. Integrating environmental, social, and governance (ESG) practices, and stakeholder considerations into the early permitting stages can minimise back-and-forth deliberations and reduce paperwork.
Education about copper production and usage starts with the legislators responsible for permitting it. The complexities of mine development, increasing reliance on copper, and its role in the aforementioned energy transition require careful consideration by decision-makers. To achieve this, the mining industry must actively educate the public about copper consumption. This will help illustrate the connection between copper’s everyday use and its integral role in electrification, technology, and energy development. Instead of competing with environmental groups, miners must actively promote shared goals for sustainable growth through copper.
In the coming years, copper recycling will be crucial in addressing supply gaps created by diminishing hard rock production. Governments and miners must advocate for expanding copper recycling operations to slow shortfalls. This includes mandates to create incentives for recycling copper in commercial, industrial, and consumer applications, establish best practices for efficiently segregating usable copper scrap into economically viable processing streams, and reform the industry’s permitting process for greater efficiency.
As stockpiles shrink, the West will see the red metal evolve as a commodity beyond its traditional ‘Dr. Copper’ status. Copper is already distinguishing itself from traditional base and industrial metals like aluminium, zinc, and lead, emerging as a standalone economic indicator. We can expect copper to be reported with gold, silver, and platinum in daily financial data. Eventually, it will be considered an independent metals category and metric of similar importance for the economy. Effectively, copper will mature into a separate market with unique evaluation criteria.
