Anglo American’s new boss sounds warning on future copper supply. copper mining miningnews
The world is headed for a severe shortage of copper crucial to the green-energy transition as new mines become increasingly difficult to build, according to the new head of Anglo American Plc.
Nearly all the biggest miners are looking to expand their copper production: Rio Tinto Group is trying to buy out Turquoise Hill Resources Ltd. to increase its exposure to a giant mine in Mongolia, and is also seeking to develop a huge copper mine in the US. Top miner BHP Group has evaluated some of its biggest rivals, as well as looked at new projects in the Democratic Republic of Congo.
Wanblad has first-hand experience of this, as Anglo American has just started production at a new copper mine in Peru. The Quellaveco project will help push Anglo’s copper output to around 1 million tons a year from 2023, putting it among the world’s biggest producers, but took about three decades to finally get up and running.
Wanblad took over as Anglo American CEO earlier this year, replacing Mark Cutifani who held the top job for nine years. He had previously been head of strategy and led the company’s copper business, which includes some of the biggest mines in South America. The South African has been at Anglo for more than 30 years.
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