Mining billionaire Robert Friedland says in a tweet last week that in order to meet the renewable goals that have been proposed by the world’s governments we will need to mine 700 million tons of copper in the next 22 years.
That is the amount of copper mined in all of human history up to this point.
With grades declining at copper mines, lack of new investment, higher environmental regulation, and governments moving towards resource nationalism I am not confident that this will happen.
Yet they will try and anyway and this is the whole thesis behind my investment theme dubbed “Heads We win, Tails We Win More”.
Here is a link to an S&P report called the “Future of Copper” if you would like to learn more.