Red hot demand tipped for red metal
16th August 2019
Resources Rising Stars
Electric vehicles, and the wider battery revolution, is held up as a massive opportunity for nickel, tin, graphite and lithium players, and now a new report shines a light on how much copper will be needed: 250% more by 2030.
Wood Mackenzie forecasts that over 20 million EV charging points could to be deployed over the next needed, and that means the world needs to produce around 2.5 times more copper by 2030 than it will this year - and that means a lot of money needs to be spent to find and produce it.
Research analyst Henry Salisbury describes the red metal as "a cornerstone of the EV revolution".
"At the heart of the electric vehicle, it is used throughout because of its high electrical conductivity, durability and malleability. The need for copper is even more significant when it comes to charging stations and supporting electrical grid infrastructure," he said.
By 2040, passenger EVs could consume more than 3.7 million tonnes per annum of copper, compared to conventional internal combustion engine (ICE) vehicles that will need just over 1Mtpa.
"If we look at cumulative demand, between now and 2040 passenger EVs will consume 35.4Mt of copper - around 5Mt more than is required to meet current passenger ICE demand," he said.
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