ROBERT FRIEDLAND ON COPPER
Mr Friedland, founder and co-chairman of Ivanhoe Mines which explores and develops mines in Africa, said :
"Copper is crucial in electrifying the global economy"
"Mining companies will have to be “real heroes”"
resourcesrisingstars.com.au/news-article/m…
Mr Friedland, founder and co-chairman of Ivanhoe Mines which explores and develops mines in Africa, said :
"Copper is crucial in electrifying the global economy"
"Mining companies will have to be “real heroes”"
resourcesrisingstars.com.au/news-article/m…
The world is yet to grasp the scale of disruption in replacing fossil fuels, with most people in urban areas unaware of where materials in everyday life come from
“It’s all copper, copper, copper, copper, copper, copper,” he told the CRU World Copper Conference on Tuesday
“It’s all copper, copper, copper, copper, copper, copper,” he told the CRU World Copper Conference on Tuesday
While the 70-year-old billionaire is taking a long-term view, his words of warning contrast with those of some of his colleagues at the conference who are reluctant to accelerate growth plans in a cyclical market
His comments seem more in line with bullish analysts such as Goldman Sachs’ Nicholas Snowdon, who predicts record-high prices as the metal heads towards the tightest conditions since the mid-2000s
Mining is suffering from years of underinvestment, with America very under-explored because for 20 or 30 years “it wasn’t cool to mine”, Mr Friedland said
Where future supplies come from “is going to be a matter of fervent debate” as will how to tax and regulate them
Where future supplies come from “is going to be a matter of fervent debate” as will how to tax and regulate them
Copper is a vital part of green infrastructure from grids to wind turbines
Massive investments are needed to electrify economies
The US power grid “is a joke” compared with China’s and needs $13 trillion and “astronomic amounts” of the right metals to get up to scratch, he said
Massive investments are needed to electrify economies
The US power grid “is a joke” compared with China’s and needs $13 trillion and “astronomic amounts” of the right metals to get up to scratch, he said
“In the short term, we’ve had a big rise in the price of copper,” Mr Friedland said
"But for the medium term, copper has really become a national security issue. It’s central for what we want to do with our economy"
"But for the medium term, copper has really become a national security issue. It’s central for what we want to do with our economy"
While the industry should now be seen as part of the solution in global decarbonisation, it also faces challenges to decarbonise, he said
Ore quality around the world is deteriorating, meaning volume has to rise and carbon emissions increase
Ore quality around the world is deteriorating, meaning volume has to rise and carbon emissions increase
Mining will need both hydroelectric and nuclear power as well as renewable, he said
People should expect a carbon tax on everything, he said
People should expect a carbon tax on everything, he said
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