Copper is a critical metal needed for everything from wind turbines to batteries for electric vehicles. Estimates expect that by 2025, the supply deficit of copper will have surpassed 200,000 tons. This comes as more individuals globally adopt the use of electric vehicles and more countries pivot to renewable energy.
The International Energy Forum argues that to meet increasing demand for copper, over one billion tons of new mining capacity will be required annually until 2050. On average, copper mines need about 20 or so years to come online.
With copper mines usually needing years before production can commence, sustained investments in mining and exploration are needed to secure future chains of supply. Major players in the copper space are also working to increase their production of the red metal. For instance, Taseko Mines Limited recently reported progress at its Gibraltar Mine, which is located in British Columbia.
According to the company’s statement, this mine produced 27 million copper pounds during the latest quarter. Taseko Mines CEO Stuart McDonald also discussed the development of a pit that will help increase the mine’s output in 2025.
Rio Tinto Group also announced recently that it would be constructing a 25-MW solar plant at its Kennecott copper operation. This expansion will decrease the mine’s emissions under Scope 2 by more than 5%. Kennecott’s Managing Director Nathan Foster explained that sustainable resource production and practices benefit both the community and the company.
The use of technological innovations in the industry is expected to play a big role in the optimization of copper production while decreasing the impact of mineral extraction on the environment.
In addition, Usha Resources Limited has also commenced an Induced Polarization survey at its Southern Arm Copper-Gold property, located in Quebec. The company’s CEO Deepak Varshney stated that the survey represented a crucial stage in the company’s exploration strategy and would ensure that priority targets are focused on in the drill program set for the 2024/2025 winter season.
The objective of the company’s drilling program is to efficiently identify high-yield targets and, in turn, help boost copper supplies. The Southern Arm property offers substantial potential for new copper discoveries as it is situated in the Abitibi Greenstone Belt, which is one of the richest mineral regions globally.
Addressing the shortage of copper is crucial, with governments and other industry leaders being advised to take decisive measures to increase mine capacity and come up with sustainable practices to meet this growing demand.
If the current trajectory of a copper supply squeeze continues, exploration companies like Torr Metals Inc. (TSX.V: TMET) are bound to deliver even greater value to their shareholders because any resources that they uncover will attract premium mine development and extraction companies.
NOTE TO INVESTORS: The latest news and updates relating to Torr Metals Inc. (TSX.V: TMET) are available in the company’s newsroom at https://ibn.fm/TMET
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