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Lack of new discoveries set to drive copper prices
While around $100 billion has been spent on copper exploration in the past decade, just nine discoveries have been made, according to CopperBank’s Mr Kovacevic.
There are currently 25 mines that supply around 50 per cent of primary copper, and most of them are located in just two countries – Chile and Peru.
The world has just 20 years of reserves left.
Along with the lack of new discoveries, the grade of existing mines is declining — which means more material has to be mined to get the same amount of copper.
The lower grade also means that the copper price has to be much higher to incentivise new production.
Copper is currently fetching around $US6,254 ($8,700) per tonne on the London Metal Exchange.
“I believe that the copper price is going to exceed its old all-time high, not because I’m a prognosticator, because I understand engineering, and we have to be able to make 0.4 per cent copper ore economic,” Mr Kovacevic said.
He predicts copper will have to rise to somewhere between $US12,000 and $US14,000 per tonne in the next 10 to 20 years.