The IEA warns that despite copper trading at record highs, global primary copper
supply could face a 25% shortfall by 2035 as mines currently under construction
and planned are insufficient to meet rapidly rising demand. The agency
attributes the gap to rising development difficulty and costs, driven by an
approximately 40% decline in average copper ore grades since 1991. The shortfall
estimate is based on current projects and existing policy settings. The IEA
highlighted copper’s strategic role for clean energy, transport, construction,
data centers and defense.
