Why Copper Demand Is Skyrocketing

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Published 2024-05-30

Demand for copper is surging. The red metal, considered a barometer for economic health, is a vital component for the construction and defense industries as well as a key ingredient in electric cars, wind turbines and the power grid. Offshore wind, for example, requires about “three times as much copper as does coal-fired power generation in terms of tons per gigawatt of capacity.” But mining companies are having a hard time keeping up. Globally, existing mines and projects under construction will meet only 80% of copper needs by 2030. To keep up with demand the industry is faced with a number of obstacles. including the shortage of mining workers, navigating regulatory hurdles as well as pushback from local stakeholders. So what impact will the looming global copper shortage have on the transition to renewable energy sources? To look at the challenges facing copper producers, CNBC got a behind the scenes look at Rio Tinto’s Kennecott mining operation outside of Salt Lake City where about 200,000 metric tons of copper are produced annually.

Chapters:
0:00-2:22 Introduction
2:23-5:15 Chapter 1 Copper demand
5:16-7:12 Chapter 2 Companies
7:13-10:45 Chapter 3 Mining in the U.S.

Produced and Shot by: Shawn Baldwin
Edited by: Nic Golden Henry
Supervising Producer: Jeniece Pettitt
Animation: Jason Reginato
Additional Footage: Getty Images, Daniela Zavala

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Why Copper Demand Is Skyrocketing

All Comments (21)

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@AngusAbbott-qf8xm 21 days ago

As an electrician who has been collecting the scrap wire from my jobs for years this is great news 👍🏼🇬🇧
@Patrick-yh5yd 21 days ago

Stealing copper wire is a growing business.
@user-tx4yn7en9u 21 days ago

Chile is the top copper producer in the world, with 27% of global copper production. In addition, the country is home to the two largest mines in the world, Escondida and Collahuasi.
@andrewdewit4711 14 days ago

Excellent work. You might also have pointed out that about 9% of global copper was used for military (ammunition, etc) even before Russia's invasion of Ukraine and other developments further increased spending on weapons systems.
@noUGames 21 days ago

Copper is pretty valuable in Fallout 4
@auro1986 21 days ago

copper is easily available in junk yards where electronic and electrical wastes have lot of copper coils
@chrlzortz 21 days ago

Copper and lithium, Chile will be a strategic ally for the world.
@EcomCarl 14 days ago

The surging demand tied to renewable energy and electric vehicles shows the need for sustainable mining practices and increased recycling efforts. 🌍
@SIRLEE 14 days ago

Uganda 🇺🇬 was one of the biggest copper producers in Africa in the 1960s and 70s. But it’s copper mines were abandoned due to political instability. I think it’s high time these mines were revived because of the massive copper deposits there in and the already existing mining infrastructure.
@boeingpameesha9550 14 days ago

Thank you for sharing.
@DonaldBrickman-xq6em 4 days ago

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@jeffkadlec8264 21 days ago

I can't get enough of these out-tro's!!
@Brownyman 21 days ago

Pennies 1981 and prior 👍
@cvrajendra 14 days ago

superb documentary
@bachhongtran 14 days ago

As a Vietnamese, this channel of CNBC basically is English learning channel that i visit daily.
@scrapking77 13 days ago

Insulated copper wire is bringing $1.10 a pound currently. $3.50 for #2 stripped copper. Prices for scrap in general has risen considerably over the last 3 months.
@user-ol4ux6tl4d 8 days ago

really amazing.thanks for sharing i always watch you videos. makes us learn a lot. God bless you and all of us.
@who2u333 14 days ago

Take this video and replace the word Copper with Lithium and watch it 5 years ago. Fits perfectly.
@american7169 14 days ago

23% of us copper comes from tweekers stealing it😂