The world already faces a daunting challenge to produce the metals and minerals critical to reaching climate goals. Which makes reports out of China quite concerning.
Oyu Tolgoi mine is one of the world’s most remote mining operations run by Anglo-Australian resources giant Rio Tinto.
Mining giant Rio Tinto is pressing ahead with its enormous copper project in Mongolia,sinking 1.3 kilometre-deep shafts beneath the Gobi Desert.
Timing is everything in the volatile world of resources. And as it stands,there’s probably not going to be enough copper produced over the next few decades to enable net-zero carbon emissions by 2050.
BHP target Oz Minerals has hit go on its West Musgrave mine to produce copper and nickel mine,two commodities much sought after by the big Australian.
BHP’s $8bn offer for ASX-listed copper and nickel producer Oz Minerals feels like an opening gambit,but a deal is far from guaranteed.
Australian copper producer Oz Minerals and diversified miner South32 have both seen their operations held back by COVID-19-induced labour shortages.
Energy experts have called on Australia,which has the world’s sixth largest reserves of copper,to boost output to help the global economy electrify.
Copper prices have tumbled to a 19-month low,but supply issues and clean energy needs means there is a chance it would not always be reflective of economic conditions in future.
Falling commodity prices signal that global economic growth is slowing rapidly. This may not be as bad as it sounds.
More mining will be needed to build the infrastructure needed for a global energy transition,but there could be local environmental costs in the process.