Why Copper Demand Is Skyrocketing

Demand for copper is surging. The red metal, considered a barometer for economic health, is a vital component for the construction and defense industries as well as a key ingredient in electric cars, wind turbines and the power grid. Offshore wind, for example, requires about “three times as much copper as does coal-fired power generation in terms of tons per gigawatt of capacity.” But mining companies are having a hard time keeping up. Globally, existing mines and projects under construction will meet only 80% of copper needs by 2030. To keep up with demand the industry is faced with a number of obstacles. including the shortage of mining workers, navigating regulatory hurdles as well as pushback from local stakeholders. So what impact will the looming global copper shortage have on the transition to renewable energy sources? To look at the challenges facing copper producers, CNBC got a behind the scenes look at Rio Tinto’s Kennecott mining operation outside of Salt Lake City where about 200,000 metric tons of copper are produced annually. Chapters: 0:00-2:22 Introduction 2:23-5:15 Chapter 1 Copper demand 5:16-7:12 Chapter 2 Companies 7:13-10:45 Chapter 3 Mining in the U.S. Produced and Shot by: Shawn Baldwin Edited by: Nic Golden Henry Supervising Producer: Jeniece Pettitt Animation: Jason Reginato Additional Footage: Getty Images, Daniela Zavala » Subscribe to CNBC: » Subscribe to CNBC TV: About CNBC: From ’Wall Street’ to ’Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to be a successful, confident communicator? Take CNBC’s new online course Become an Effective Communicator: Master Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up today and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024: Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Instagram: Follow CNBC News on Facebook: Follow CNBC on Threads: Follow CNBC News on X: Follow CNBC on WhatsApp: #CNBC Why Copper Demand Is Skyrocketing