Why does every energy forecast end up talking about copper?
Copper carries electricity better than any metal except silver, so electric cars, grids and wind farms all need more of it. New mines take well over a decade to open.
Electricity needs a conductor, and copper is the best one that is affordable. Every motor, transformer, cable and charger contains it. Replacing engines and boilers with electric equipment therefore replaces demand for fuel with demand for copper.
The difference per unit is large. Industry estimates from the Copper Alliance put a battery electric car at about 80 kg of copper, against about 20 kg for a petrol car. Offshore wind farms, solar plants and the transmission lines that connect them add more.
Supply is slow to respond. Ore grades at old mines keep falling, and S&P Global has calculated that a new copper mine takes more than 15 years on average to go from discovery to production. That delay is why a single permit decision or a tender for a large deposit moves the long-term price outlook.
- Copper in a battery electric car
- About 80 kg, versus about 20 kg in a petrol car (Copper Alliance estimates)
- Discovery to production
- More than 15 years on average (S&P Global)
Explainers describe how things generally work. They are not advice for a specific project or country. See our editorial policy.