Wind and solar farms gobble up copper
Renewable energies will boost copper demand - good prospects for the price of the reddish metal.
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Economic stimulus measures are encouraging new wind and solar farms, for example in the USA, China and the UK. For example, the manufacture of one offshore wind turbine consumes about 63,000 pounds of copper, a huge amount of copper. Global copper demand from wind, solar, electric vehicle and battery technology alone is expected to increase to an estimated 5.4 million tons per year by 2030. That's a 600 percent increase.
The copper price recently reached a record high, there were disruptions in the supply chain. Apart from minor setbacks, a steady upward trend in the copper price should come as no surprise. And the world is expanding renewable energy capacity. In addition, there is the constant threat of a supply disruption, as recently in Chile because of wage disputes. There's always the threat of strikes. On the supply side, things are also rather tight for copper, despite rising demand.
A standard electric vehicle, for example, requires around 60 to 83 kilograms of copper in production. The charging stations also contain copper. In the solar energy sector, around 4.6 tons of copper are needed for one megawatt. No wonder China is starved for copper. By the end of April 2021, China's raw copper imports were up 9.9 percent year on year. There's copper in mining projects like Aurania Resources or Torq Resources.
Aurania Resources - https://www.youtube.com/watch?v=J-d3lITrjN0 - holds copper, gold, silver, zinc and lead at its exciting The Lost Cities-Cutucu project in Ecuador.
At Torq Resources - https://www.youtube.com/watch?v=ug3uoh8GQfk -, the project portfolio includes the Margarita iron-oxide-copper-gold project in Chile. Abundant copper oxide mineralization is present.
Current corporate information and press releases from Aurania Resources (https://www.resource-capital.ch/en/companies/aurania-resources-ltd/) and Torq Resources (https://www.resource-capital.ch/en/companies/torq-resources-inc/).
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