Copper demand is projected to surge in the coming decades, with the transport sector alone expected to increase demand by 11.1 times by 2050 from 2022.
According to Bloomberg, additionally, demand to expand the global electricity grid is forecasted to rise by 4.8 times by 2050 from 2022.
“By 2030, the world’s copper supply gap is forecast to approach 10 million metric tons,” the media organisation stated.
Big mining giants like BHP have until May 22 to decide on making a formal offer for Anglo. BHP’s initial proposal would require Anglo to sell its majority stakes in its South African platinum and iron ore businesses to its shareholders for the deal to proceed.
There has been intimation of BHP seeking to acquire Anglo, something that would have a bearing in Zambia given that Anglo, through some subsidiaries has got some ongoing work in the country, in the exploration and other areas.
“BHP is the ultimate 800-pound gorilla. It’s a complex transaction,” Barick Gold CEO Mark Bristow told the Financial Times, adding that “it’s hard to imagine how we could be competitive in that process.”
The executive also shot down any ideas to take over Canada’s First Quantum Minerals (TSX: FM), which has been entangled in a dispute with Panamanian authorities over its giant Cobre Panama mine.
FQM has got huge interests in the country, through it’s operations in Kansanshi and Centinel Mines.
Last November, Panama’s Supreme Court deemed First Quantum’s mining contract to be unconstitutional, leading to the eventual shutdown of the country’s only mining operation.
“Until we can see some clarity, there’s no interest from us in this opportunity. In our view, it’s not an opportunity,” Bristow said.
