The Globe and Mail reports in its Thursday edition that copper is the metal of electrification, essential for power transmission, batteries and renewables. Guest columnist Heather Exner-Pirot writes that most net-zero scenarios require a doubling of production for the red metal, an unlikely task made impossible without greater dependence on Chinese supplies. There is a growing awareness of the role of metals such as copper, nickel, lithium and rare earths in the energy transition, earning them the moniker of "critical minerals." The Russian invasion of Ukraine highlighted the folly of relying on potential adversaries for your energy security. It led to the realization among the West's political class that the production of most energy-transition metals is concentrated in a handful of countries, many of them politically unstable, before being refined in China. Environmental groups and governments that advocate for climate policies have done nothing to make mining easier, faster or more attractive to investors. Quite the opposite. Regulatory and permitting challenges are well-known problems, and even if a mine gets approved, cost overruns are a real possibility, as Teck's flagship QB2 copper project in Chile shows.
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