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Goldman: Energy transition needs 11.9B pounds of copper annually by 2030

May 04, 2021

North of 60 Mining News:

Alaska, Northern British Columbia, and the Yukon are home to a dozen advanced stage exploration and mine projects hosting billions of pounds of copper ready to deliver to a world demanding massive amounts of this conductive metal for the green energy and electric mobility transition envisioned over the next three decades.

In its report, “Copper is the new oil,” Goldman Sachs forecasts that the electrification of transportation and decarbonization of electrical generation alone will require 11.9 billion lb of copper per year by 2030 and there are not enough projects in the pipeline to meet this new demand.

And this demand is only expected to grow in the two decades to follow.

“I do not think anybody really appreciates just how much we need to do over the next 20 to 30 years,” Contango ORE Inc. President and CEO Rick Van Nieuwenhuyse said during a recent webinar on mining in Alaska.

[Shane Lasley]

More: Mining New Oil in Northern Copper Triangle

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