必和必拓在报告中表示，在过去75年里，全球铜需求的复合年增长率为3.1%，在截至2021年的15年里，这一数字降低至1.9%。BHP Group Ltd released a report stating that thanks to the widespread adoption of copper-intensive technologies, global copper consumption is projected to increase by an average of 1 million tons per year by 2035, doubling the average annual increase of the past 15 years.
On Monday (September 30), the world's largest mining company $BHP Group Ltd (BHP.US)$ released a report stating that due to the widespread adoption of copper-intensive technologies, global copper consumption is expected to increase by an average of 1 million tons per year by 2035, double the average annual growth of the past 15 years.
Due to its durability, malleability, and conductivity, copper has long been widely used in the construction, transportation, and electrical utilities industries. In recent years, copper has also been used in manufacturing electric vehicles, green energy plants, and datacenters.
BHP Group Ltd stated in the report that over the past 75 years, the global copper demand has grown at a compound annual rate of 3.1%, which decreased to 1.9% in the 15 years leading up to 2021.
"However, looking towards 2035, we expect this growth rate to rebound to 2.6% per year."
According to BHP Group Ltd's data, the global copper total demand in 2023 is 31 million tons, including 25 million tons of cathode copper and 6 million tons of scrap copper.
Rag Udd, Chief Commercial Officer of BHP Group Ltd, stated: "Looking towards 2050, we believe that global copper demand will surge by 70%, reaching 50 million tons per year."
The report points out that by 2050, industries related to energy transition will account for 23% of copper demand, compared to the current 7%.
BHP Group Ltd predicts that by 2050, the digital industry (datacenter, 5G, ai, internet of things, and blockchain) will account for 6% of copper demand, compared to the current 1%.
Meanwhile, the growth of copper mining production will be constrained by high costs and declining ore grades.
BHP Group Ltd stated that since 1991, the average grade of copper mines has declined by about 40%. Looking ahead to the next 10 years, one-third to one-half of global copper supply will face challenges of declining grades and aging.
BHP Group Ltd states that the total capital expenditure for all expansion projects between 2025 and 2034 will reach $250 billion, a significant increase compared to the total expenditure of approximately $150 billion for copper mining projects in the past 10 years.
Editor/Rocky