Several major international copper producers have signed a memorandum of understanding (MoU) to create a more responsible and sustainable copper value chain. Two leading Chinese copper producers have partnered with Australia-based Broken Hill Proprietary (BHP) to help support the global transition to clean and renewable energy.
Copper will play a significant role in the energy transition as it is a key manufacturing component in several renewable energy technologies such as solar, wind, thermal and hydro-energy. It is also used to build electric vehicle motors and batteries due to its superior electrical conductivity, durability, reliability and malleability.
The MoUs between BHP, Daye Nonferrous and China Copper represent plans for increased collaborations between the companies to aid in the transition to green energy by strengthening the copper value chain and making it more sustainable. The agreements aim to give the respective companies a chance to use their expertise to help reduce the environmental impact of the copper value chain. These companies will also leverage their knowledge and experience to manage waste streams and improve energy efficiency and materials in the value chain. They will also be able to collaborate with downstream users and industry peers further down the line, as their collaboration is nonexclusive.
The companies hope this collaboration will help the copper industry develop more efficient innovations and technologies for mining, smelting and refining. Such technologies include byproduct recycling, lower-intensity reuse, low-carbon emission fuels and improved energy and heat efficiency. They may also brainstorm ways to improve value chain traceability and strengthen measurement, confirmation, and reporting.
With several countries across the globe looking to cut emissions as part of worldwide efforts to curb climate change, demand for metals such as copper is expected to soar. However, the world is currently dealing with a major copper shortage thanks to impacted supply streams and increased demand.
Robin Griffin, Wood Mackenzie vice president of metals and mining, predicts that the copper deficit will last till the end of the decade amid demand pressures and unrest in Peru that have dampened copper supplies. BHP chief commercial officer Vandita Pant also notes that demand for copper will “increase significantly” due to increased electrification and decarbonization. She said that as BHP continues supplying copper to the growing market, the company will strive to keep its operations as responsible and sustainable as possible.
The Australia-based company believes collaborating with Day Nonferrous and China Copper will accelerate efforts to create a sustainable and responsible copper value chain. As these major players in the copper value chain come together to conduct more sustainable operations, the ESG principles espoused by companies such as Southern Copper Corporation (NYSE: SCCO) will be brought to life on a larger scale.
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