The energy transition & copper: a new wave of metals demand, so where is the supply response?

The energy transition & copper: a new wave of metals demand, so where is the supply response? The copper team delivered the attached presentation as part of Wood Mackenzie’s Tokyo Metals & Mining Forum on 4 February. Key messages: - The energy transition is establishing new demand growth opportunities for copper end use over the longer term; near term global demand is softening - Substitution remains a threat, and scrap supply is a risk on the requirement for mine production - Period of significant mine supply growth is imminent; prices will decline as a result, and this will put mining company margins under pressure - Despite this, there is a need for new copper mines to be brought online over the longer-term - Many possible projects face development challenges related to grade, location and to above-ground risk factors