en.Wedoany.com Reported - Juan Ignacio Díaz, President and CEO of the International Copper Association (ICA), recently warned that global copper demand is rapidly rising, driven by the energy transition and electrification wave, and that copper mine supply must accelerate expansion to meet this growth. According to Díaz's forecast, global copper consumption will increase significantly from the current approximately 26 to 28 million tonnes per year to about 42 million tonnes by 2040. This means the global mining industry needs to add copper production equivalent to two Antamina mines in Peru annually to fill the demand gap.
In an interview with mining news media Rumbo Minero Television, Díaz pointed out that a key challenge in current global copper demand growth is that the demand side is developing far faster than the supply side can respond. He used data centers as an example to illustrate this contradiction: a data center can be built in about three years, consuming approximately 30,000 tonnes of copper annually after completion, while developing a new copper mine typically takes 17 to 20 years. Díaz emphasized that the core challenge is not a lack of underground copper ore reserves—Peru and Chile together hold a significant proportion of global copper reserves—but rather how to accelerate investment and project implementation without compromising environmental and sustainability standards. According to ING Group forecasts, the global refined copper deficit could expand to 600,000 tonnes in 2026.
As the world's most authoritative international organization in the copper industry, the International Copper Association was founded in 1989, headquartered in Washington, D.C., USA, operating in over 60 countries with 34 member companies representing approximately 50% of global copper production. Association President Díaz, who made these remarks, took office in 2024 and has over 18 years of experience leading large enterprises in sustainable development.
The Antamina copper mine is located in the high-altitude Andes region of the Ancash Region in Peru. It is one of Peru's largest producers of copper and zinc concentrates and among the top ten largest mines globally by production volume. The mine is operated by Compañía Minera Antamina S.A., with the following ownership structure: BHP Group Limited and Glencore plc each hold 33.75%, Teck Resources Ltd. of Canada holds 22.5%, and Mitsubishi Corporation of Japan holds 10%. The mine was established in 1996, construction began in 1999, and first production was achieved in June 2001. According to public information, Antamina's copper production in 2025 is approximately 380,000 tonnes, expected to rebound to 450,000 tonnes in 2026.
Díaz noted that Peru and Chile, with their immense geological potential, play a crucial strategic role in the global copper supply system. However, he also warned that if the copper supply shortage is not effectively addressed, it could not only hinder the development of key technologies for the energy transition, such as renewable energy, electric vehicles, and digitalization, but also open market space for alternative materials like aluminum.
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