BHP Billiton Predicts 70% Surge in Copper Demand by 2050, Calls for Global Investment

Global copper demand is projected to rise by about 70% by 2050, exceeding 50 million tons annually, according to Rag Udd, chief commercial officer at mining giant BHP Billiton. Udd attributed this anticipated growth to copper’s essential role in both current and emerging technologies, as well as the global push towards clean energy to meet climate goals.

BHP Billiton is preparing to expand its copper mining operations in response to this forecasted increase, estimating that the global supply will need an additional 10 million tons of new copper ore per year over the next decade. The company projects that closing this supply gap will require a cumulative investment of around $250 billion globally.

“This is a significant challenge that will require coordinated investment efforts far beyond what has been seen in the past decade,” Udd said, stressing the need for a global approach to meet this rising demand.