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  "documentTitle": "ey energy and resources transition acceleration",
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  "notes": "Part of a multi-slide series on implications; focuses on the specific case of copper mining and supply chain challenges.",
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      "text": "To meet forecast demand, investment in copper mining will need to increase to more than US$250b a year by 2030, up from around US$105b today.",
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      "text": "Annual investment in copper mining: US$250b",
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      "text": "Recycling will also be part of the answer. Recycled copper accounted for about 32% of copper demand during the last decade, according to the International Copper Association, and will only grow as more EVs, batteries and other energy components reach the end of their life.",
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      "text": "Of course, the problem is not only mining's to solve. Engineering advances across other industries can reduce the need for copper in EVs, batteries and other energy technologies and assets. For example, the use of aluminium in underground and subsea cables is likely to reduce demand for copper by more than one-third from current levels. But this may further complicate the issue - shifting demand away from copper will impact its investability. And this may be the biggest hurdle of all. To meet forecast demand, investment in copper mining will need to increase to more than US$250b a year by 2030, up from around US$105b today. Securing capital will be critical to securing supply - and the world's transition to a new energy system.",
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      "text": "Almost every new energy technology contains copper. One wind turbine includes three tonnes of it, and building an EV requires six times as much as a conventional car. But supply is struggling to keep up with demand, which is forecast to almost double by 2035.",
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      "text": "How can miners solve the problem? It's complicated. New mines are part of the answer, but they take decades to come online. In the meantime, some companies are expanding brownfield sites, while others are reopening closed mines. But boosting supply at speed will depend on more novel approaches, including innovation that helps miners get more copper from existing reserves, and unexpected sources. Acid leaching to extract copper from waste rock is not new, but Rio Tinto and partners have developed a secondary bacteria-based leaching process capable of extracting copper at far lower concentrations (<0.5% compared with the typical grade of around 0.6% to 1.0%). A US chemical company has developed a similar technique using yeast. Leaching requires low capital to set up and run, produces no carbon emissions and usually doesn't need regulatory approval. Rio Tinto and others say that there could be as much 100 million tonnes of copper sitting in waste rock at mines around the world.",
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