The growing Use of electric vehiclessolar panels, wind turbines and intelligent electrical networks has driven the demand for a key metal in the energy transition: copper. Known as the ‘new oil’ for its importance in the conduct of electricity.
This resource has gained prominence in the technological and sustainable industry, surpassing other materials in relevance. According to the journalist Jordan Arce, his role is increasingly decisive in the manufacture of electric carswhich require more copper than traditional vehicles.
This boom has especially favored two countries that, together, represent 40% of the global copper production. According to the International Monetary Fund (IMP), The world demand for this mineral will grow more than 66% between 2020 and 2040, reaching 39.1 million tons, compared to the current 23.5 million. This increase responds to the growing need for sustainable resources in energy transformation and global consumption.
South America: What country would you highlight as a global copper producer?
According to the Chilean Copper Commission (Cochilco), Chile remains the world’s leading producer of copper, with a projection that indicates that it will reach 27.3% of global production by 2034. It is estimated that the country registers an average annual growth of 0.5% and that its production reaches 6.07 million metric tons by 2027, driven by the expansion of existing operations and new investments in the sector.
In South Americait is expected that up to 60% of world copper production comes from the region, especially with the incorporation of new producers such as Ecuador and Argentina, which are developing key projects in this sector, according to Zetti Gavelán, vice president of the Institute of Mining Engineers of Peru (IIMP).
While Peru has registered a notable increase in its copper production, consolidating itself as the second largest world producer. In August 2024, the country reached 246,568 fine metric tons, reflecting an interannual growth of 10.7%.
Copper: What country is the largest consumer?
China is not only one of the greatest copper warehouses, but also the main consumer of this metal, according to Bloomberg. In March 2024, global copper inventories reached 491,000 metric tons, the highest level in three years, with a large part of these reserves concentrated in Chinese deposits.
What is copper?
Since ancient times, copper has been an essential resource in the manufacture of tools and weapons, and currently continues to play a key role in sectors such as the electrical and electronic industry.
This transition metal, identified with the Cu symbol and atomic number 29, is distinguished by its red-orange hue and its notable properties for the conduction of electricity and heat. Thanks to these characteristics, the copper It continues to be widely used in various industries, consolidating its value throughout history.
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Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
