MOSCOW, September 24. /TASS/. Rapid growth in global demand for copper opens up opportunities for Russia to increase its export revenue and attract investment into domestic mining and metallurgical companies and projects, Pavel Gamov, an expert on the mining and metals industry at the Stolypin Institute for Growth Economics, told TASS.
Earlier, Kirill Dmitriev, Russian Presidential Special Representative for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund (RDIF), called copper the "new gold."
"For Russia, the copper boom represents a direct boost to export revenues and the investment appeal of Nornickel, UMMC, RMK, Udokan, and the Baimsky GOK," Gamov said.
According to him, the growing need for the metal is linked to developments in the energy sector and artificial intelligence technologies, while options to expand production are limited.
"Demand is being driven by electrification, power grids, renewable energy sources, and AI data centers, whereas supply is constrained: it takes 12-15 years to build a new mine, and mature deposits are becoming depleted," the expert explained.
The expert noted that Russia supplies about 4% of the world's refined copper - roughly 1 million tons annually, with exports accounting for approximately 600,000 tons.
"By 2040, global demand for copper could rise by approximately 50%, while the deficit could reach 10 million tons per year," Gamov noted.
At the same time, the expert pointed out that high prices do not eliminate the impact of sanctions, increased logistics costs, difficulties with banking settlements, and discounts for Russian suppliers. "Rising metal prices also drive up the production costs of cables, electrical equipment, and the construction and modernization of grids within Russia," Gamov concluded.
