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The global demand for copper is on the rise, largely driven by the growing adoption of electric vehicles (EVs) and clean energy technologies. Nations like India, China, and the United States are focused on establishing stable and secure copper supply chains to meet this increasing demand.

India Copper Exploration Efforts

India has seen a decline in its domestic copper production. In 2023-24, production fell to 3.78 million tonnes, marking an 8% drop compared to 2018-19. As a result, India’s dependency on copper imports has grown. To address this, India has secured a 9,000-square-kilometer exploration block in Zambia, a region known for its rich copper and cobalt deposits. The Geological Survey of India will spearhead the exploration efforts.

Role Of Copper In Global Industries

Copper plays a pivotal role in multiple sectors, particularly in the U.S. defense industry, where it is the second-most used material. As demand continues to rise, projections suggest that by 2035, the global demand for copper may surpass supply. This highlights the critical need to secure mining operations and bolster domestic production capabilities to meet future requirements.

Global Copper Supply Landscape

China dominates about half of the world’s copper smelting and refining capacity. However, the country is currently curtailing its copper ore supply in an effort to address smelting overcapacity, which may have wide-reaching effects on global copper supply chains.

Geopolitical Risks In Copper Mining Investments

Countries such as the Democratic Republic of Congo (DRC), Chile, and Peru hold substantial copper reserves and are essential in meeting global copper demand. However, investing in copper mining assets in these regions poses significant geopolitical risks, which can impact supply stability.

Future Of Global Copper Production

According to the International Energy Agency (IEA), Africa’s share in the production of critical minerals, including copper, is expected to grow. The DRC is forecasted to become the second-largest copper supplier globally by 2030. In response, India’s Ministry of Mines is working to expand its foothold in African copper assets. However, competition for these resources is expected to intensify as demand escalates.

Challenges Facing Copper Supply Chain

The copper supply chain is grappling with multiple challenges. In the U.S., investigations are underway to assess the impact of copper imports on national security, aiming to identify vulnerabilities in the supply chain. In China, a decline in treatment and refining charges signals an oversupply issue. As a result, many copper smelters may be forced to suspend operations due to shrinking profit margins, further complicating the global supply scenario.

The copper market’s future hinges on the ability to address these challenges, secure mining investments, and adapt to the rising demand driven by the global shift toward green energy technologies.

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