Venus Minerals is taking advantage of the growing demand for copper driven by the technical revolution.
Copper is the third most used metal in the world, and will continue to be vital to a wide variety of sectors. It is at the core of the technological revolution and efforts to tackle climate change as it possesses the best thermal and electrical-conductive properties of any commercial metal. There are more than 400 copper alloys in use today to suit numerous applications and processes.
In May 2021, the copper price hit an all-time high and demand for the commodity is expected to rise exponentially over the next decade, even with new mines opening.
The copper price has recently touched an all-time high.
Some key factors driving the copper price:
- Approximately 60% of the copper produced today is used in the production and distribution of renewable energy such as solar, wind, hydro and thermal
- ~80% more copper is needed in an EV engine than a combustion engine, with more than 1.5km of copper wire in their stator windings
- In line with global trends of electrification, EV transition and the increasing desire for renewable energy, the demand for copper is expected to grow significantly for decades
Copper is also the most used element in the telecommunications industry.