Domestic Mining Development Crucial as Copper Demand Skyrockets: Experts Say

USA News Group Commentary
Issued on behalf of Yukon Metals Corp. 

VANCOUVER, BC, June 3, 2024 /CNW/ -- One of the biggest threats to the ongoing energy transition is the world's ongoing copper shortage that's set to get worse. As demand for the red metal continues skyrocketing, the International Energy Agency (IEA) predicts that existing mines and projects under construction will meet only 80% of copper needs by 2030, which is concerning as opening a single copper mine typically takes 23 years. With the world's two most prolific copper producing countries coming from Latin America, sociopolitical threats to the mining industry in the regions persist in Chile and Peru respectively. Hedge fund manager Pierre Andurand is predicting the price of copper to quadruple to $40,000 per tonne in the next few years, while Goldman Sachs also predicts record copper prices by the end of 2024. These factors are driving calls supporting development of more domestic mining to bolster secure supplies, as the market pays attention to copper miners such as Rio Tinto Group (NYSE:RIO), BHP Group Limited (NYSE:BHP), Lundin Mining Corporation (TSX:LUN.TO) (OTC-Pink:LUNMF), Southern Copper Corporation (NYSE:SCCO), and newcomer Yukon Metals Corp. (CNSX:YMC.CN) (formerlyCSE:JKS).