Copper Demand Outstrips Supply, Predicts 25% Shortfall by 2035

Copper demand is expected to outstrip supply by 2035, according to the International Energy Agency (IEA), resulting in a roughly 25% primary copper supply gap.

A recent assessment by S&P Global found that only 263 major copper discoveries were made between 1990 and 2025, containing a total of 1.402 billion metric tons of copper. However, most of the increase came from expansions of known deposits rather than new discoveries.

The IEA projects about US$310 billion in investment through 2040 to address this supply gap. High-grade drill results can support future supply when further work defines resources, confirms recovery, establishes realistic cut-off grades, secures permits, and demonstrates economics capable of attracting financing.