IEA Predicts 25pc Copper Supply Deficit by 2035 Amid Record Prices

The International Energy Agency (IEA) has warned of a potential 25% deficit in global primary copper supply by 2035, despite record prices. The agency attributes this to inadequate new project development and declining copper ore grades.

Copper is one of the most strategically important metals, used across various sectors such as energy, transport, construction, data centers, and defense. However, bringing new mining projects online remains a challenge due to high capital costs and complexity.

The average grade of copper mines worldwide has fallen by 40% since 1991, increasing project complexity and capital costs. New copper discoveries have slowed significantly, with only 5% of all copper deposits discovered over the past 35 years found in the last decade.