Global demand for copper is projected to rise significantly, while oil consumption is expected to decline, reports inbusiness.kz citing EnergyProm.
In Kazakhstan, copper ore production reached 160.2 million tons in January–December 2024, marking a 7.4% increase compared to the same period in 2023. However, the actual copper content in these ores ranges from 0.5% to 6%, with 5% considered exceptionally rich. The country’s copper concentrate production stood at 567.2 thousand tons, down 2.1% from the previous year, with copper content in the concentrate varying from 8% to 35%.
Meanwhile, the global demand for copper is surging, with Goldman Sachs referring to it as the “new oil” due to its crucial role in clean energy technologies. According to the International Monetary Fund (IMF), copper demand is set to rise from 25.9 million tons in 2023 to 39.1 million tons by 2040, while oil consumption is expected to fall from 101.9 million to 66 million barrels per day. A significant portion of this growth will be driven by the electric vehicle (EV) industry, where copper is essential for battery components.
Data from the U.S. Geological Survey indicates that global copper production reached 22 million tons in 2023, with North, South, and Central America dominating the market. These regions host 15 of the world’s 20 largest copper deposits.
Chile led global production with 5 million tons in 2023, followed by China (1.7 million tons) and the U.S. (1.1 million tons). Russia ranked sixth with 910 thousand tons, while Kazakhstan also secured a spot among the top producers, mining 600 thousand tons.
