The global race for minerals is accelerating, and copper is finally getting the recognition it deserves as a vital resource. The U.S. Department of Energy has declared copper a so-called “critical mineral,” and its essential role in electrification is now in sharp focus. Copper is key to determining how quickly we can build the advanced technologies and infrastructure of tomorrow. Yet, despite its undeniable importance, new supplies of copper are not coming online at nearly the speed or scale needed to meet skyrocketing demand.
Copper’s importance in modern society is not fully realized by most. It’s malleable, has excellent electrical and thermal conductivity, and is essential for everything from electric vehicles (EVs) and wind turbines to the electricity grid itself. With copper demand projected to double by 2030 and surge even higher by 2050, the U.S. is facing a supply crisis that could stifle economic growth and leave us unnecessarily dependent on foreign imports unless we act now to unlock our domestic reserves.
Copper: The Backbone of the Future
From our smartphones and medical devices to the electric grid and transportation systems, copper plays a crucial role in almost every facet of daily life. As demand for EVs, solar panels, and wind turbines increases, the need for copper rises right along with it. According to recent studies, EVs alone require four times more copper than their gas-powered counterparts, and wind turbines need massive quantities of the metal to function. Earlier this year, the Biden administration pitched a plan to deploy 500,000 new EV charging stations by 2030. If any version of that comes to fruition, that could instantly drive demand for millions of pounds of copper.
This isn’t just speculation. The numbers are staggering. S&P Global projects that copper demand will nearly double by 2035, and by 2050, annual copper consumption will exceed the total amount consumed globally from 1900 to 2021. We’ll need more copper in the next few decades than we’ve ever mined in human history.
But here’s the problem: copper supply is not keeping pace with demand. The United States, despite sitting on trillions of dollars’ worth of copper reserves, has become increasingly dependent on imports from countries like Chile, Canada and Mexico. This dependency leaves us vulnerable to geopolitical risks and supply chain disruptions. It’s time for a change.
The U.S. Can Meet Its Copper Needs
The U.S. has more than 48 trillion tons of copper reserves in states like Arizona, Nevada, Minnesota and Utah. Companies like Freeport-McMoRan, Rio Tinto and Hudbay Minerals are already producing copper domestically and stand ready to expand operations if given the chance. Freeport-McMoRan alone operates seven copper mines in the U.S., and its latest project is expected to produce over 200 million pounds of copper annually. Meanwhile, Taseko’s Florence Copper is set to produce an average of 85 million pounds of copper each year using a process that minimizes environmental impact.
The potential is there. We have the resources, and we have the know-how. What we lack is the urgency to streamline the permitting process and reduce regulatory barriers that are holding up projects like Resolution Copper. This and other projects have been delayed for years, tied up in red tape, while global copper demand continues to climb.
Why the U.S. Must Lead
If the United States is serious about securing its future, we must prioritize domestic copper production. Doing so would not only strengthen our economy and create high-paying jobs but also reduce our reliance on foreign imports and secure critical supply chains for the advanced technologies of tomorrow. By supporting our miners and modernizing our mining regulations, the U.S. can regain its global leadership in copper production and secure the resources necessary to power our future.
But we need action now. The long permitting timelines in the U.S. — often stretching decades — are a major obstacle. Compare this with other countries, where mining projects can come online in a fraction of the time, and it’s clear that we’re falling behind. If we don’t accelerate domestic copper production, we risk being left in the dust as other nations outpace us in the global minerals race.
The Path Forward
Policymakers must act decisively to reform mining regulations and make domestic copper production a priority. We can no longer afford to be bogged down by outdated permitting processes and regulatory delays. The U.S. has the copper reserves, the technology and the workforce to meet this demand — we just need the political will to make it happen.
In a world where copper is critical to every aspect of technological advancement, the U.S. cannot afford to be a bystander. We have the resources in our own backyard, and we have the hardworking men and women who are ready to get to work. Now is the time to rebuild a secure, reliable and responsible copper supply chain here at home. It’s time to lead.