"The market is pretty well versed and understands the opportunity and investment requirement. What's starting to crystalise is some of the risks," Nick Pickens, Director of Research at Wood Mackenzie, said. Speaking at a media briefing in London, Pickens said the market would need US$200 billion of new mining projects by 2030. But this demand is coming at a time when ESG is a growing challenge.
"The big picture hasn't changed; copper is needed for the long-term scenario, but the risk is ramping up," Pickens said. The picture is complicated by the fact that miners talking up the coming supply deficit are starting to prove self-defeating, contributing to demand destruction, and removing investment.
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