The Payne Institute at the Colorado School of Mines has been a thought leader in our industry for decades. Its latest work on the copper investment gap is another important contribution to the conversation about where this market is heading. I encourage you to give it a read 👇 We’ve all seen the headline numbers: hundreds of billions of dollars in investment are needed to close the copper mine supply gap. This CSM report estimates that the world needs to develop an additional 16.1 million tonnes of annual mine supply by 2050, at a conservatively estimated cost of $360 billion in new mine investment. It’s clear we have a massive hill to climbs as it relates to capital requirements for copper mining. Importantly, however, the report highlights that capital alone is not the only variable. Capital intensity has risen as the industry works vigorously to develop new supply. But the low hanging fruit is gone. The question is whether future copper prices, regulatory approvals and the cost of capital will support an environment that allows our industry to mobilize the supply needed to meet the world’s growing appetite for copper. @coschoolofmines @MBazilian