Latin America must increase its copper production

According to the Latin American Energy Organization (Olade), Latin America and the Caribbean will have to double its copper production and tenfold its lithium production over the next 20 years to meet global demand for these two minerals essential for the energy transition and achieve the global goal of net-zero carbon emissions by 2050.

This is the result of a Study on the Situation of Critical Minerals Needed for Energy Transitions Processes in Latin America and the Caribbean, which was released on Thursday.

The production of critical minerals in Latin America is currently about US$ 180 billion, representing 25 % of the global market, which is about US$ 700 billion.

The most important minerals are copper, with $ 70 billion; iron, with $ 50 billion; gold, with $30 billion; and silver, with $10 billion. Currently, Latin America has 45 % of world copper production and 38% of reserves, as well as 29 % of global lithium production and 61 % of reserves.

It also has 48 % of world silver production and 39 % of silver reserves, and 38 % of molybdenum production and reserves.

Chile, Peru and Mexico: leaders in copper production By country, Chile is the world’s largest producer of copper, the second-largest producer of molybdenum and the third-largest producer of lithium, while Peru is the world’s second-largest producer of copper, tin and zinc, and the third-largest producer of silver. In addition, Mexico is the world’s largest producer of silver and Brazil is the third-largest producer of iron.

K. Tovar

Source: Bancaynegocios

(Image source: Ra Dragon, Unsplash)

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