When our industry talks about future copper demand we focus on the topics of global data centre buildout, Chinese industrial output, government stockpiling, rearmament and defence … However, we forget about the silent, rapid urbanisation of India as a major source of demand. According to the Government of India’s Vision Document on Copper (interesting read, link below 👇), they expect domestic copper demand to more than double in the next 10 years to 4-5 million tonnes per annum… and then double again in the following 10 years to 9-10 million tonnes per annum. India produced less than 30,000 tonnes of primary copper supply last year… and there is very little chance that domestic supply can increase to meet the RAPID growth in projected domestic demand. To quote a statistic in the Vision Document; “India copper concentrate imports are expects to reach 91%-97% by 2047.” That's ONE new Kamoa-Kakula EVERY YEAR for the NEXT 20 YEARS.... just for India's consumption. Where is this copper coming from?