Photo: Sandeep Biswas
According to the International Energy Agency, copper is essential for additional solar PV, wind, bioenergy, networks, electric vehicles (EVs), and battery storage in the field of clean energy solutions.
According to Sandeep Biswas, managing director and chief executive officer of Newcrest Mining Limited, the International Energy Agency has predicted that by 2040, the entire mineral demand for usage in clean energy solutions alone is likely to rise by 300%.
By weight, copper, graphite, and nickel, according to him, will be the most in demand minerals in 2040.
“As Newcrest steps up our role in addressing climate change, it makes plenty of sense for us to increase our focus on copper.
It is important for hydro, nuclear and concentrating solar power, while playing a role in geothermal and hydrogen,” he said.
The forecasts vary, but according to Australian government research, 31.1 million tonnes of copper will be consumed in 2030 – but only if it can be supplied.
That’s an increase of 26 per cent on estimated 2022 consumption.”
According to Mr. Biswas, current copper inventories are the lowest they have been since 2006. “Of course, the other side of the equation is supply, and that’s a significant factor in PNG’s continued relevance as a major global resources player,” he said.
However, the world’s insatiable hunger for the commodities we produce to help countries reach net zero doesn’t guarantee us an acceptable return on investment, income, profitability or efficient project approvals by any means.”
According to Mr. Biswas, Newcrest and other ethical global miners recognise that mining is much more than a for-profit business.
“The investments that we make in PNG are for the long term and must be built on a shared vision with the government and community if they are to succeed,” he said.
“We are committed to mine responsibly, produce less waste, use safer processes, incorporate new technologies, promote the wellbeing of local and Indigenous communities, curb emissions, and strengthen environmental stewardship.
Large, long-term investments are necessary to search for minerals, establish mines, and run them for a number of years before they become profitable. These investments are not made randomly or haphazardly.
“PNG, while not the cheapest operating environment in the world, certainly has the potential to become one of the best.
In PNG, as in the rest of the world, we value certainty, stability and pro-mining government policies to ensure we can maintain and grow our mining of copper, gold and silver.
“Companies who want to operate successfully in PNG should understand how to navigate not just the global challenges, but how to build, maintain and grow strong and enduring relationships with communities and governments.
“Long-term partnerships based on actions as well as words are central to the future of a successful PNG resources sector.”
Reference. Post-Courier (7 December 2022). “Newcrest Looks To Copper For Climate Change”.
