{"id":24767,"date":"2022-07-28T10:26:24","date_gmt":"2022-07-28T14:26:24","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=24767"},"modified":"2022-07-28T11:59:11","modified_gmt":"2022-07-28T15:59:11","slug":"copper-electrification-metal","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/copper-electrification-metal\/","title":{"rendered":"Copper: The Electrification Metal in Short Supply"},"content":{"rendered":"<p>Copper is the essential metal for modern society. Without copper our civilization would simply not exist as it does today. Copper resists corrosion, and alloys well with other metals. It\u2019s our most efficient conductor of heat and electricity. In prior reports, we\u2019ve pointed to copper as a <a href=\"https:\/\/capital10x.com\/old\/war-triggering-a-commodity-squeeze\/\">critical green metal<\/a>. As the world moves to green energy, copper\u2019s role in electrification will be critical to a successful green energy transition.<\/p>\n<p><iframe loading=\"lazy\" title=\"Copper: The Electrification Metal in Short Supply \u26a1\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/ZTZ80FfLcRo?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Earlier this month S&amp;P Global <a href=\"https:\/\/press.spglobal.com\/2022-07-14-Looming-Copper-Supply-Shortfalls-Present-a-Challenge-to-Achieving-Net-Zero-2050-Goals,-S-P-Global-Study-Finds\">issued a powerful report<\/a> detailing the looming copper supply gap, which, if not met could severely limit or cut short the world\u2019s clean energy ambitions.<\/p>\n<p>Since the 1990s per capita copper consumption has risen along with global GDP, in the coming decades that is expected to accelerate significantly as the world drives towards a lower carbon footprint.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24758\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-consumption-per-capita-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<p>Let\u2019s start by looking at our future energy demand. The US, European Union and many other nations have pledged net zero emissions by 2050. In line with the Paris Agreement, this entails reducing global emissions by 45% by 2030 on the road to zero by the middle of the century.<\/p>\n<p>To achieve this goal a spectacular rollout of green tech is required. This is where copper comes in play. Nearly all our critical green technology requires massive amounts of copper to exist.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24759\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-refined-copper-usage-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<p>Whether its solar or wind power. Or manufacturing fleets of electric vehicles and their batteries. Major investments in electrifying the power grid to sustain the electric vehicle market alone is enough to dramatically increase our need for the red metal.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24761\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/presence-of-copper-in-energy-transition-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<p>This projected spike in demand over the coming decades places unprecedented stress on the limited copper supply we are currently mining. Global copper demand is projected to double \u2013 from 25 million metric tonnes in 2021, to nearly 49 million metric tonnes in 2035. Green energy is though to make up half of this demand.<\/p>\n<p>Let\u2019s keep in mind that demand from markets outside of green energy &#8211; like construction, appliance manufacturing, cell phones etcetera is also slated to grow at a compound rate of 2.4% between 2020 and 2050. So, even without an energy transition, copper demand would still increase significantly in the coming decades.<\/p>\n<h2>Automotive Demand<\/h2>\n<p>For the automotive industry, net-zero ambitions will require the transition from internal combustion engines to battery-powered electric vehicles. Many auto manufacturers are aiming to completely revamp their fleets to EVs and hybrid vehicles. The copper intensity in EV will significantly increase moving forward. For an internal combustion vehicle of any size there is approximately 24KG of copper, in a light duty EV its 60KG, medium duty EV has 139 KG and a heavy-duty EV has 425 KG.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24756\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/copper-content-in-vehicles-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<h2>The Tipping Point: Global Copper Market Balance<\/h2>\n<p>The S&amp;P Global study found copper shortfalls begin in 2025 \u2013 as result of increased demand from energy transition and limited new copper supply. Their rocky road scenario assumes current mine supply and recycling trends continue, resulting in a 10 million metric ton shortfall by 2035. Even in the high ambition scenario, assuming significant enhancement in extraction and recycling rates the shortfall persists till 2035.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24757\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/global-copper-market-balance-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<h2>Best Value Among Copper Miners<\/h2>\n<p>This is clearly a very attractive macro backdrop for copper miners. We screened for value among all copper miners &#8211; both large and small cap.<\/p>\n<p>Lundin Mining (TSX:LUN) is the cheapest large cap trading at a 50% blended valuation discount to peers and Sierra Metals (NYSE:SMTS) (TSX:SMT) is the cheapest small cap trading at 80% blended valuation discount. Additionally both companies offer very attractive dividend yields that are above the copper peer group and the S&amp;P 500 market yield.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24762\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/best-value-among-copper-miners-2-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<h2>Lundin Mining &#8211; Geographically Diversified &amp; Copper Focused<\/h2>\n<p>Lundin mining offers investors a significant geographic diversification in stable jurisdictions coupled with strong copper metal production.<\/p>\n<p>In it&#8217;s most recent Q2 2022 earnings release the company stated that inflationary impacts will continue to increase operating costs for the year; despite these challenges the company generated $215 million of free cash flow.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24764\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/lundin-mining-geo-diversified-copper-focused-2-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n<h2>Sierra Metals &#8211; Production Growth Runway<\/h2>\n<p>Sierra Metals provides investors a diversified mix of strategic metals (copper, silver, zinc, gold &amp; lead), their mines are located in the jurisdictions of Mexico and Peru. Their Yauricocha mine (in Peru) has been producing for over 70 years, and the districts of Cusi and Bolivar (in Mexico) have a 300 year history.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24593\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/SMTS-Deck-Pic-1.png\" alt=\"\" width=\"780\" height=\"359\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/SMTS-Deck-Pic-1.png 780w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/SMTS-Deck-Pic-1-300x138.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/SMTS-Deck-Pic-1-768x353.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/06\/SMTS-Deck-Pic-1-696x320.png 696w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/p>\n<p>Sierra Metals has a significant production growth runway ahead, with tonnage per day capacity expected to be 15,500 by 2027 \u2013 representing 65% growth from 2020.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24754\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway.jpg\" alt=\"\" width=\"1820\" height=\"1024\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway.jpg 1820w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-300x169.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-1024x576.jpg 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-768x432.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-1536x864.jpg 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-696x392.jpg 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2022\/07\/sierra-metals-production-growth-runway-1392x783.jpg 1392w\" sizes=\"auto, (max-width: 1820px) 100vw, 1820px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copper is the essential metal for modern society, it\u2019s the electrification metal and it is in short supply. Capital 10X highlights the two best value copper plays.<\/p>\n","protected":false},"author":25,"featured_media":24765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56,59],"tags":[76,1756,1992,1866,884,1725,846,1267,1993,1798,1747,1994],"class_list":{"0":"post-24767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-metals","9":"tag-copper","10":"tag-electric-vehicles","11":"tag-electrification","12":"tag-energy-transition","13":"tag-lundin-mining","14":"tag-nysesmts","15":"tag-sierra-metals","16":"tag-smts","17":"tag-solar","18":"tag-tsxlun","19":"tag-tsxsmt","20":"tag-wind"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Copper: The Electrification Metal in Short Supply | Capital 10X<\/title>\n<meta name=\"description\" content=\"Copper is the essential metal for modern society, it\u2019s the electrification metal and it is in short supply. 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