Friedland says $15 000/t copper needed to spur new mines
Copper prices need to nearly double in order to prompt mining companies to build costly mines to meet rising demand for critical materials, according to billionaire Robert Friedland.
The mining magnate said that forecasts of copper prices reaching $9 000 a metric ton next year isn’t enough to stimulate the industry to take on risks of building huge, capital-intensive mines, especially in Latin America.
“We probably need about $15 000/t, stable for a long period of time, before the industry can really gear up and build those giant mines,” Ivanhoe Mines' founder and executive co-chairperson said Friday in an interview on Bloomberg Television.
Demand for metals like copper is set to jump as nations mandate cleaner energy technology while vying to develop their own supply chains.
Meanwhile, a slew of major setbacks at key mining operations is seen tightening the market for the wiring-metal in the coming year, erasing a large surplus that analysts had been expecting going into 2024. Copper prices on the London Metal Exchange traded at $8 531/t on Friday.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation