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Glencore CEO Ivan Glasenberg said Tuesday that the supply gap in the metals the world needs to replace fossil fuels with renewable energy is widening
.
Speaking at the Qatar Economic Forum, Glasenberg said copper supply would need to increase by 1 million tonnes a year by 2050 to meet the expected demand
of 60 million tonnes.
"Today, the world consumes 30 million tons of copper per year, and by 2050, following this trajectory, we must produce 60 million tons of copper
per year.
"
Shares of many mining companies have doubled over the past year as policy support measures in advanced economies in response to the COVID-19 pandemic have triggered inflation
.
Commodities can be a hedge against inflation, meaning their prices are expected to remain strong
.
At the same time, the transition to a low-carbon economy and the investment of stimulus money into infrastructure are generating demand
for raw materials.
Demand for copper for renewable energy projects and electric vehicles is rising
.
Prices hit an all-time high of more than $10,000 a tonne in May, after which they fell by about $1,500 a
tonne.
The nickel and cobalt markets face similar supply shortages
in the coming decades.
Glasenberg said nickel supply would require an additional 250,000 tonnes
per year.
Annual nickel demand is expected to increase from the current 2.
5 million tonnes to 9.
2 million tonnes.
Glencore CEO Ivan Glasenberg said Tuesday that the supply gap in the metals the world needs to replace fossil fuels with renewable energy is widening
.
Speaking at the Qatar Economic Forum, Glasenberg said copper supply would need to increase by 1 million tonnes a year by 2050 to meet the expected demand
of 60 million tonnes.
"Today, the world consumes 30 million tons of copper per year, and by 2050, following this trajectory, we must produce 60 million tons of copper
per year.
"
Shares of many mining companies have doubled over the past year as policy support measures in advanced economies in response to the COVID-19 pandemic have triggered inflation
.
Commodities can be a hedge against inflation, meaning their prices are expected to remain strong
.
At the same time, the transition to a low-carbon economy and the investment of stimulus money into infrastructure are generating demand
for raw materials.
Demand for copper for renewable energy projects and electric vehicles is rising
.
Prices hit an all-time high of more than $10,000 a tonne in May, after which they fell by about $1,500 a
tonne.
The nickel and cobalt markets face similar supply shortages
in the coming decades.
Glasenberg said nickel supply would require an additional 250,000 tonnes
per year.
Annual nickel demand is expected to increase from the current 2.
5 million tonnes to 9.
2 million tonnes.
