
Copper (HGN24) recently hit $10,000 a ton for the first time in two years. The reason? Investors are beginning to realize that the world’s copper mines will struggle to meet a coming wave of demand, led by green industries.
Millions of tons of new supply will be needed in coming years for use in electric vehicles (EVs), renewable energy, and vastly expanded and upgraded power grids. The mega-bid by BHP Group (BHP) for Anglo American PLC (NGLOY) last week highlights that many mining companies would rather buy rivals than pull the trigger on entirely new projects.