Copper Market Needs 6 New Mines a Year to 2050 as Only 4 Major Deposits Remain

1 articles · Updated · MINING.com · Jul 10

Frank Giustra said the copper industry faces a supply crunch that would require six new world-class mines annually through 2050, even though only four undeveloped deposits still fit majors’ preferred scale and grade.
JPMorgan forecasts a 2 million-tonne copper deficit by 2030, widening to 8 million tonnes by 2035, while data centres alone are expected to consume about 500,000 tonnes by decade-end.
Large discoveries typically take 10 to 15 years—and sometimes 20—to reach production, leaving higher prices as the likeliest mechanism to balance demand with supply that cannot be developed quickly enough.
Giustra said majors have not yet launched the next acquisition wave because they still fear repeating the overpayment mistakes of the last supercycle, though he expects consolidation across majors and junior developers.
He framed copper and other strategic minerals as a geopolitical contest, with China securing overseas deposits for roughly 25 years while producing countries tighten export controls, processing rules and permitting.