Copper Comeback: Abandoned Mines Revitalize the Clean Energy Shift

In light of escalating copper demand due to electric vehicles and AI, dormant mines are being reopened. The process is complex and spans globally, from Canada's Yukon Territory to Spain. However, challenges such as economic variables and indigenous concerns persist in this momentum towards mining revitalization.

The race for copper, crucial for clean energy and AI, sees companies revitalizing abandoned mines previously deemed financial burdens. As demand surpasses supply, prices hit record highs this year, prompting a renewed focus on older assets.

Building a new mine could take a decade and significant capital, hence firms are eyeing quicker solutions through existing mines. Globally, efforts span from Canada's Yukon to Spain, aiming to contribute millions of tons to global supply by 2031.

Challenges remain, including fluctuating commodity prices and community opposition, especially on Indigenous lands. Analysts stress the complexity of restarting old mines, noting past environmental and social issues as significant hurdles.

(With inputs from agencies.)