Investment into copper exploration critical as copper demand is set to surge
As the world shifts towards a greener and more sustainable future, the demand for copper is expected to skyrocket. Copper, a crucial component in renewable energy systems and electric vehicles, has become increasingly sought after in recent years. The global transition to clean energy production and transportation has highlighted the importance of this versatile metal, making investing in copper exploration critical. This gives Zimbabwe a wide-open chance to explore its copper potential to benefit from the transition.
The resuscitation of Zimbabwe’s biggest Copper Mine, Mhangura Mine, and further exploration for new copper resources will have a positive effect towards Zimbabwe becoming relevant in the green energy transition since the country is already one of the biggest suppliers of lithium which is one of the most sought after minerals for Electric Vehicles (EVs).
With countries around the globe committing to reducing greenhouse gas emissions and achieving net-zero targets, the demand for copper is only expected to skyrocket. Renewable energy sources, such as wind and solar power, require significant amounts of copper for efficient transmission and storage of electricity. Similarly, the rapid growth of electric vehicles necessitates copper in their batteries, motors, and charging infrastructure.
According to the International Copper Association, the demand for copper is projected to increase by 31% by 2030. This surge in demand will undoubtedly place immense pressure on global copper supplies. To meet this rising demand, increased investment in copper exploration is imperative. This opens up opportunities for Zimbabwe which has verified Copper deposits in Makonde, Kadoma, Mutare, Chirumanzu, Chegutu, Kwekwe, Shurugwi, Beitbridge, Gokwe, Bindura, Chipinge, Bikita, Insiza, Makonde, Harare, Bulawayo, Shamva, Chiredzi, Nkayi, Mudzi, Chegutu, Bindura, Kwekwe, Hurungwe, Bubi, Makonde, Bikita, Gwanda and Masvingo.
Investing in copper exploration not only addresses the upcoming surge in demand but also has the potential to spur much-needed economic growth. Exploration activities create job opportunities and stimulate local economies, particularly in regions rich in copper deposits. Furthermore, as the market value of copper continues to rise, investing in this sector can yield significant returns for investors.
However, the journey from exploration to production in the copper mining industry can be lengthy and complex. It involves conducting detailed geological studies, obtaining necessary permits and approvals, and investing in infrastructure and technology. To facilitate these processes, the Zimbabwean government and industry stakeholders must work together to ensure an efficient, conducive regulatory environment and provide necessary support in terms of infrastructure development and technological advancements.
Additionally, fostering innovation in the copper mining sector is crucial. Advancements in mining technologies and practices can improve efficiency, reduce environmental impact, and minimize extraction costs. This is essential not only for the viability of copper exploration ventures but also for the sustainability of the industry as a whole.
By investing wisely and harnessing the potential of this versatile metal, we can pave the way for a greener and more sustainable future reaping benefits in the process.
This article first appeared in the Mining Zimbabwe Magazine, issue 67