(MT Newswires) -- Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines, expects copper prices to rise despite the current supply chain disruptions. In his view, demand remains strong in areas such as defence and national security, offsetting concerns about the slowdown in China's property sector. Friedland notes that current supply is insufficient to meet global demand. This situation could be exacerbated by a potential interest rate cut by the US Federal Reserve. He argues that a target price of $15,000 per tonne is needed to encourage investment in new mining operations. This need is all the more pressing as historic copper mines, with dwindling reserves and declining ore grades, are no longer able to meet growing demand. Friedland stresses the urgency of investing in exploration and mine development to meet future needs, particularly in view of the increase in demand for copper linked to the energy transition and the development of clean technologies, such as electric vehicles and wind turbines.
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- Robert Friedland, founder of Ivanhoe Mines: Copper supply no longer keeps pace with global demand