Anglo American’s New Boss Sounds Warning on Future Copper Supply
(Bloomberg) — 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.
“I genuinely don’t see where all of this copper is going to come from at this point in time,” Anglo Chief Executive Officer Duncan Wanblad said in an interview in London on Thursday.
The copper price has slumped in recent months as inflationary fears hit western markets and China’s demand was curbed by sweeping Covid controls, but many investors remain bullish on the longer-term picture. The metal, which hit a record above $10,000 a ton earlier this year, is an essential part of the world’s efforts to decarbonize and new supply is constrained globally.
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