{"id":44215,"date":"2024-02-22T11:38:30","date_gmt":"2024-02-22T11:38:30","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=44215"},"modified":"2024-02-22T11:38:30","modified_gmt":"2024-02-22T11:38:30","slug":"highland-copper-right-time-place-and-way-to-boost-copper-supply","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/highland-copper-right-time-place-and-way-to-boost-copper-supply\/44215\/","title":{"rendered":"Highland Copper: The right time, place and way to boost copper supply"},"content":{"rendered":"
Quite simply, demand for copper is far outstripping projected supply.<\/p>\n
Traditional sources of demand, like construction and transportation, remain strong, while new sources of demand, like electric vehicle batteries, wind, and solar, have emerged, further driving demand.<\/p>\n
Copper is at the forefront of metals needed for use in green technologies. As the most efficient and affordable electrical conductor, it is the perfect material for electric car infrastructure and charging stations. While conventional vehicles contain some copper, hybrid electric and battery-powered cars require three times more than internal combustion engine vehicles.<\/p>\n
Key economies worldwide are adopting clean energy initiatives, continuing to drive demand. Increased environmental legislation worldwide, combined with ambitious targets set by car producers and consumers alike, is seeing demand for copper soar. The ongoing focus on Environmental, Social and Governance<\/a> (ESG) and zero emissions should see the demand continue.<\/p>\n At the same time, copper supply is reducing. Existing deposits are being depleted faster than new mines can come onstream. Lower grades are being mined at increasingly expensive costs. Over the last decade, the industry has suffered from a lack of exploration investment.<\/p>\n A fundamental imbalance between supply and demand leads to a squeeze on global copper inventories. Only by developing the next generation of copper mines can the industry meet today\u2019s demand, let alone the demand in the future.<\/p>\n The US, and particularly Michigan, are critical to Highland\u2019s success<\/a>. The copper supply deficit<\/a> is even more pronounced in the US. This triggered the US Department of Energy to designate copper as a Critical Material in 2023. Domestic copper supply in the US will reduce reliance on imports, which have become more challenging as geopolitics change.<\/p>\n Michigan specifically focuses on electrification and mobilisation to support the electric vehicle industry in-state. With its strong industrial history, Michigan is focused on retaining and attracting new businesses, particularly ones that will bring jobs to local economies. Highland Copper recently announced that it is in consideration for a $50m grant from the State of Michigan. This highlights the priority that Michigan is placing on electrification.<\/p>\n Regionally, Highland Copper is welcome in the Western Upper Peninsula with formal support letters received from all key municipalities, townships, and counties. The Upper Peninsula has a rich history of mining, and the Copperwood project has the capacity to revitalise the area significantly.<\/p>\nCopper supply in the US: The right place for production<\/h3>\n