Large subsidies and tax credits are available to develop a copper supply chain that would reduce dependence on China, who is the world's leader in copper refining.
But China's copper supply chains are highly efficient, clean, and low cost. Chinese companies have strong supplier contracts with resource-rich copper areas in Africa, Mexico, Peru, and Chile.
China's deep investments in copper supply chains were necessitated by its rapid industrialization, and then by its enormous factory sector for appliances and electronics. Now, the world's copper mines feed China's production of electric vehicles and green energy equipment.
Industry experts forecast a parabolic boom in demand for copper, along with plunging demand for oil, as the world's transportation networks electrify. But insiders are also deeply pessimistic about our own companies' ability to compete against China's smelting and refining industries for copper, and investors have thus far shunned any new mines or smelting operations in North America or Europe.
Resources and links:
How China is reshaping the global copper market
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Addressing China’s Monopoly over Africa’s Renewable Energy Minerals
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2022 production data
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ZeroHedge, Is Copper Still The 'New Oil'?
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South China Morning Post, De-risking from Chinese copper would cost world US$85 billion, ‘mess up’ supply chains
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Mining Weekly, China’s copper production boom threatens to crowd out the rest of the world
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Securing copper supply: No China, no energy transition
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CSIS, Copper Trade, 2001–2021
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A New Report Highlights the Need for “All-of-the-Above” Strategy to Meet US Copper Demand
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White House.gov, Inflation Reduction Act Guidebook: Clean Energy
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Closing scene, Shanghai
