There is no equivalent of the shale oil revolution for copper that will dramatically increase supply in the coming years, the chief executive of miner Freeport-McMoran, said.
“There’s no shale oil for copper - it can’t be turned on quickly,” Richard Adkerson told the FT Commodities Global Summit in Lausanne.
Copper has emerged as a favourite metal for the world’s largest miners since there has been little investment in new mines over the past few years following a crash in commodity prices.
At the same time, demand for copper is expected to rise due to its use in wiring for renewable energy and electric car charging.
