Steady demand growth

Electric vehicles and India will be key growth drivers

Refined copper demand is expected to grow by 1.5-2.5% per annum through to 2025 with more than 40% of the growth driven by electric vehicles and India.

Plug in electric vehicles use four times as much copper as traditional cars, and global sales are growing at over 40% a year (over 80% in China).

Indian copper demand is expected to grow by as much as 8% per annum driven by economic reform, infrastructure development and urbanisation.

Refined Copper Demand (2006-2025E)

Refined Copper Demand Growth Drivers (2016-2025E)

Source: Broadhurst Mining Research analysis, based on various industry sources including ICSG, USGS, market analysts and company presentations

Source: Broadhurst Mining Research analysis, based on various industry sources including ICSG, USGS, market analysts and company presentations

Given the lack of capital investment and Chilean industry challenges, mine supply growth is unlikely to be able to match this pace of demand growth over the next five years.