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There will undoubtedly be a big buildout in mining, the only question is if it will happen in the short term or the longer term, which is dependent on permitting timeframes. Last I heard, copper mines took 17 years to permit. But in 17 years time, we will need to increase copper production to 150% to 200% of its current value, ie go from 28M tons/year to ~50M tons/year. (And important to note that only 5M ton/year are from energy transition demand). And the volume of material needed for the energy transition is small compared to existing mining, and in particular to the amount of material that we move around for fossil fuels, which will all drastically decrease. This is a big project to solve, sure, but it needs to be compared to the scale and scope of what we currently do, and what would happen even without the energy transition. And when we do that comparison, I think we will find that the energy transition will be far less resource intensive than the expansion of our fossil fuel industries that would happen anyway. |
Demand elasticity is a funny thing. Some applications, like turbines, really need copper. Others, like the wiring of a house, can in principle get away with aluminum just fine. Currently, houses are built with copper wiring because the thermal expansion of aluminum requires some additional engineering complexity to achieve fire safety. But it's hard to project copper 'needs' when we use so much of it out of 'convenience'.
https://en.wikipedia.org/wiki/Aluminum_building_wiring