Copper Discoveries Are Drying Up as Supply Risks Continue to Mount

The number and size of major copper discoveries have declined sharply over the decades:
- 1985–2000: 102 discoveries totaling 632 million tonnes of copper
- 2000–2012: 84 discoveries totaling 419 million tonnes
- 2012–2020: 25 discoveries totaling 120 million tonnes
- 2020–2025: Just 6 discoveries totaling 12 million tonnes
New copper deposits are becoming increasingly scarce. Those that are discovered are also smaller and more capital-intensive to develop.
The traditional copper supply-demand model is broken.