THE PROBLEM
In 2023, the global copper demand was 27 million tonnes, with about 19 million tonnes sourced from open pit copper mining. The market is expected to grow by 20% within ten years, leading to a copper deficit exceeding 6 million tonnes due to limited sourcing, energy, and environmental challenges.
More than 80% of the world’s copper deposits are classified as sulfide ores. Canada mines 530,000 tonnes of copper annually with 430,000 tonnes sourced from open pit mines. Two-thirds of the mined materials are below the cut-off grade and classified as waste rocks. These waste rocks contain the same amount of extractable copper but are currently not processable.