Mining
Billionaire Miner Friedland Warns of a Copper ‘Train Wreck’ as Supply Stalls
- Ivanhoe founder says he fears copper prices could jump tenfold
- Friedland sees volatility around supply chains of key metals
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Copper is poised to follow other commodities upended by recent price surges as the mining industry struggles to expand ahead of accelerating demand, warns the man behind some of the world’s biggest mines.
Demand for critical raw materials is set to jump as nations mandate clean energy and transport while clambering to develop their own supply chains. But a combination of factors suggests supply won’t keep pace, according to billionaire Robert Friedland. They include the fact that deposits are getting pricier and tricker to find and dig up, funding is scarce and societies have yet to grasp mining’s role in the shift from fossil fuels.