Copper is a fundamental component in the transition towards emission-free transportation and renewable energy. At the same time, forecasts indicate that the global shortage of copper is expected to increase in the coming years. By 2032, global demand is projected to rise by 45-55 percent, and by 2030, the shortfall is expected to reach 10 million tons—equivalent to eight times the annual production from the world’s largest copper mine, Escondida in Chile.
As new sectors in society become electrified, there is expected to be increased demand for locally produced copper with a low carbon footprint. Currently, the EU imports about 50 percent of its copper needs. When the Viscaria mine reopens, it will supply about four percent of Europe’s needs, thereby contributing to greater domestic production and reducing reliance on imports from markets with weaker environmental and labor regulations. Self-sufficiency in strategic minerals is part of the EU’s long-term goals and is also the basis for the EU’s mineral legislation—Critical Raw Materials Act.
CRMA
The Critical Raw Materials Act will ensure the EU’s access to a secure, resilient, and sustainable supply of critical raw materials.
This supply will enable Europe to meet its climate and digital goals for 2030.
The price of copper has quintupled since Viscaria was last in operation
Viscaria and the copper market
With its expected annual production of 30,000 tons, Viscaria will become Sweden’s second-largest copper producer and play a significant role in the European market.
Viscaria’s operations are primarily focused on copper extraction through the reopening of the Viscaria mine in Kiruna. Viscaria is a rich deposit anticipated to become one of the major copper producers in Europe once the mine is back in operation. The company’s asset portfolio also includes minerals such as zinc, gold, silver, and cobalt.
Sweden currently produces 0.1 million tons of copper per year, which accounts for 0.52 percent of the world’s total copper production. Aitik is the largest copper-producing mine with an annual production of 90,000 tons of copper. At full capacity, the Viscaria mine will be Sweden’s second-largest copper producer.
Companies in the industry are currently making significant investments in battery production and fossil-free metals. This increases the demand for locally produced copper and will benefit Viscaria’s role in the market.
Viscaria - From demand to finished product
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