Global need for copper, nickel will multiply over next 30 years -BHP
Reuters
Published Nov 17, 2021 08:16
Updated Nov 17, 2021 08:50
(Reuters) - The global markets will need four times the nickel and double the copper in the next 30 years to facilitate a decarbonised world, a BHP Group executive said on Wednesday.
"Some of the modelling that we have done showed that in, let's say a decarbonised world ... the world will need almost double the copper in the next 30 years than in the past 30," said Vandita Pant, BHP's Chief Commercial Officer, at the FT Commodities Asia Summit.
"And for a commodity like nickel, that quadruples. So four times nickel needed for the next 30 years than the past 30 years and all to be done as sustainably as possible," Pant added.
Both nickel and copper are poised for strong consumption as a result of the transition away from fossil fuels. Nickel is used in electric vehicle (EV) batteries while copper is needed for wiring in the EVs, their charging stations and other renewable energy infrastructure.
On Tuesday, Trafigura's chief executive warned of possible significant deficits for copper, nickel and cobalt as global demand rises.
Traceability and sustainability will be some of the main requirements from clients from now on, BHP's Pant said, adding that the company has done a blockchain traceability programme with Tesla to track carbon emissions of its Western Australian nickel mine asset.
BHP also recently conducted its first carbon-neutral copper cargo, from Chile to the United States, she said, adding that is "the way to go."
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.