Anglo American Highlights Urgent Need to Quadruple Copper Supply
Copper | 2026-01-28 10:34:42
McCulley said Canada is uniquely positioned to support the transition, citing strong geology, regulation and policy backing, including over $2 billion in federal funding.
By Paul Ploumis
SEATTLE (Scrap Monster): Anglo American’s Chief Technical Officer Tom McCulley warned that the global energy transition will fail without faster, deeper and more innovative mineral discovery, during his first appearance at the Association for Mineral Exploration (AME) Roundup.
Speaking at the annual conference in Vancouver on Monday, McCulley said accelerating global change—driven by electrification, artificial intelligence, population growth and geopolitical uncertainty—is rapidly boosting demand for critical minerals, while supply struggles to keep pace.
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“The world needs more critical minerals, and it needs them faster, safer and more sustainably,” he said.
Copper illustrates the scale of the problem. Developed economies average about 230 kilograms of installed copper per capita, compared with a global average near 70 kilograms. Closing this gap would require copper stocks to rise from roughly 500 million tonnes to over 2 billion tonnes in coming decades.
McCulley said Canada is uniquely positioned to support the transition, citing strong geology, regulation and policy backing, including over $2 billion in federal funding. He highlighted Anglo American’s proposed $53-billion merger with Teck Resources and plans to invest $300 million in Canadian exploration and technology.
POLL
What is the biggest barrier to meeting global mineral demand for the energy transition?
Frequently Asked Questions
- Why is Anglo American concerned about mineral discovery?
Without faster and more innovative mineral exploration, the global energy transition risks failure due to insufficient supply of critical minerals.
- Which mineral illustrates the supply challenge?
Copper is key, with developed economies averaging 230 kg per capita versus a global 70 kg, requiring a rise in global copper stocks from 500 million to over 2 billion tonnes.
- How is Canada positioned to help?
Canada offers strong geology, supportive regulation, and policy backing, including over $2B in federal funding for mining and exploration.
