BHP, the world’s largest mining company, expects global copper demand to rise to 52.5 million tonnes a year by 2050, a 72% increase from 2021.

According to GlobalData, more than 709 copper mines are in operation globally, with the largest being the Escondida mine in Chile, which produced an estimated 882,100 tonnes of copper in 2023.

While this may sound like a lot, the red metal is expected to be in short supply over the coming decades given demand growth from green energy sectors such as offshore wind and solar farms and electric vehicle batteries, not to mention the copper required for upgrades to the electricity grid.

BHP, which operates and owns just under 60% of the Escondida mine, has said that the world would need to double the amount of copper produced over the next 30 years, relative to the past 30, to keep pace with the development of decarbonisation technology.

To add to this demand, it has now warned that the rise in data centres and AI, which requires more energy-intensive...