IEA Warns of Copper Supply Gap as New Discoveries Lag
The International Energy Agency (IEA) projects a primary copper supply gap of about 25% in 2035, which is expected to increase demand for new copper projects. Despite the growing need for new sources of copper, recent discoveries have been limited.
According to S&P Global, between 1990 and 2025, there were 263 major copper discoveries containing 1.402 billion metric tons of copper. However, most of these discoveries came from expansions of existing deposits rather than new discoveries, with only 8.7 million metric tons of copper discovered in the 2020-2025 period.
The IEA estimates that approximately $310 billion will be invested in copper projects through 2040 to meet this growing demand. To bridge the supply gap, new independent projects are needed to broaden future copper supply beyond expansions of existing deposits.