A new report explores the unique opportunities the United States has in sourcing copper, a critical mineral for the energy transition. As global demand for copper—the “metal of electrification”—continues to rise, the U.S. must confront long development times for domestic mines, the need for expanded refining and recycling efforts, and its reliance on imports. The report, Copper in the US: Opportunities and Challenges, was commissioned by the Copper Development Association (CDA) and conducted by S&P Global Market Intelligence. The study found that without increased domestic production, the U.S. will be 60% reliant on foreign imports of refined copper by the year 2035.

"Copper demand is rising as society enters a new era of electrification and digitalization," said Adam Estelle, president and CEO of the Copper Development Association (CDA). "With approximately 275 million metric tons of copper reserves and resources in U.S. soil, America is well positioned to be self-reliant in meeting copper demand for generations to come. However, we must be strategic to ensure our copper endowment can be accessed and supplemented. This requires an all-of-the-above approach that combines increased domestic mining and refining, increased recycling, and continued trade with reliable partners."

Key Findings from the report include the following:

1. Abundant Reserves & Resources: The U.S. holds over 275 million metric tons of copper reserves and resources, enough to meet the nation’s projected demand for the foreseeable future; however, new U.S. mining projects currently average 29 years to begin production.
2. Trade: Currently, imports account for 44% of U.S. refined copper demand. This reliance on imports is against a background of a substantial copper endowment. Development of these resources would reduce the reliance on imports.
3. Recycling Potential: With copper being fully recyclable, over 2/3 of copper ever mined is still in active use today, and over 32% of the U.S. copper supply comes from recycled sources. While there are significant opportunities to increase U.S. recycling rates, copper products are durable and often last decades, limiting the amount of copper available for recycling today. As such, increased recycling on its own will not be sufficient.
4. Strategic Trade Partnerships: Nearly all U.S. refined copper imports come from four countries with Free Trade Agreements: Chile, Canada, Peru, and Mexico. These partnerships are crucial, but these countries’ production is forecast to increase only 6% by 2035. In addition, nearly all seabound imports of copper come through the troubled Panama Canal bottleneck.

CDA and its members are committed to bringing the value of copper to society responsibly and sustainably. The Association calls on policymakers to give copper credit by designating it as a Critical Mineral on the USGS list. This designation would attract significant investment in production, refining, and recycling, and help streamline the permitting process, empowering the U.S. to access its abundant copper endowment.

 "It’s time to invest in a stronger, more resilient U.S. copper supply chain,” said Estelle. "An all-of-government approach, which includes adding copper to the USGS Critical Minerals list, is required to address the opportunities ahead and to secure the metal of electrification for our nation’s future."

About the Study

Copper in the US: Opportunities and Challenges is available here. S&P Global Market Intelligence’s study offers an independent and objective assessment of the main ways in which the U.S. can meet its projected copper demand in the coming years. The study was supported by the Copper Development Association of the US (CDA). The scope of the study was agreed with the CDA, but the Association did not provide data or substantive input to the report. S&P Global Market Intelligence is solely responsible for the analysis and conclusions in the report.