Core Insights - The International Energy Agency (IEA) anticipates a significant copper deficit emerging over the next decade, with demand potentially exceeding supply by 30% unless mining is accelerated [1][2] - The copper mining sector faces challenges such as declining ore grades, rising capital costs, and lengthy project timelines, complicating the scaling of production [3] - The global refined copper market is projected to experience a deficit of 150,000 metric tonnes in 2026, a shift from a previously expected surplus of 209,000 tonnes due to slower production growth [3] Industry Overview - Copper is essential for various applications including electrical wiring, power transmission, plumbing, electronics, renewable energy technologies, and industrial machinery, valued at $9.24 billion in 2024 and expected to grow to $13.93 billion by 2035, with a CAGR of 3.8% from 2025 to 2035 [4] - China's dominance in the copper market raises concerns for other countries regarding their supply chains, with China's refined copper output projected to reach a record high in 2025 [5] - The global copper shortage began in late 2023 due to mine closures and increased smelting capacity, which reduced processing fees and profitability for smelters [6]