Copper essential in electronics product and delivering electricity is central to transformative technology and shapes the way we live and work. Goldman Sachs estimates global demand for copper could climb 600% to 900% by 2030. Commodities trader Trafigura Group forecasts a supply gap of up to 10 million tons through 2030. Current reserves are plentiful, but accessing new copper sources is difficult. Silver is a viable alternative but is more expensive by a factor of five or six. Aluminum is cheaper, but copper is a much more effective conductor.
Chile exported $9.3 billion worth of copper to China in 2022. A deal between CODELCO and Minmetals required shipping 55,750 tons of copper annually for 15 years. China bought 52% of the world’s refined copper last year. Tianqi Lithium purchased a 24% stake in SQM for $4 billion. IN addition China BYD bid $61 million to mine 80,000 tons of lithium beneath the Atacama Salt Lake. Chile accounts for 44% of the world’s known lithium deposits. These metals are essential for electric car batteries and solar panels.