BHP has warned that the growth of artificial intelligence (AI) will intensify a global copper shortage, essential for the clean energy transition. AI and data centers, which currently account for less than 1% of copper demand, are expected to rise to 6-7% by 2050, potentially adding 3.4 million tonnes of demand annually. Overall, BHP predicts global copper demand will increase 72% by 2050, driven by industries like electric vehicles and solar farms.
This anticipated shortfall has led to competition for mining assets, with BHP attempting a £39bn bid for Anglo American and investing $3bn in exploration company Filo. Despite weak demand from China and a current copper surplus, BHP expects a supply-demand imbalance by the late 2020s, which could lead to sharp price increases.
While analysts agree copper will be vital for AI's energy needs, there is uncertainty about long-term demand forecasts, given AI's rapid but unpredictable growth. (Source: https://www.ft.com/content/da407b47-4133-470a-9574-508cee43e107)
Focused on the high-grade B26 copper-gold deposit in Quebec, Abitibi Metals (AMQ.c AMQFF) is poised for significant growth amid developing one of Quebec's most promising mineral discoveries, as detailed during the company's presentation at the 2024 Beaver Creek Precious Metals Summit Conference this week: https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/abitibi-metals-corp/play/stream/38916
Containing 400 million pounds of copper and 286,000 ounces of gold with significant potential for expansion, AMQ completed 13,500 meters of drilling thus far in 2024 at B26 and is fully funded to complete the remaining 16,500 meters. Looking ahead, Abitibi plans to conduct a 20,000-meter drill program and update its mineral resource estimate by 2025.
Posted on Behalf of Abitibi Metals Corp.