Rick Rule: Copper Price Increases Are a "Mathematical Certainty" Amid Supply Gap

Rick Rule said there is nothing that can prevent copper prices from rising over the next five years, arguing the industry needs to invest roughly $250 billion just to maintain current production but is only investing about $150 billion, even as demand grows 2-3% annually and current output already fails to meet demand.
By 2040, the world is projected to need an additional 14 million tonnes of annual copper supply, about 50% more than today's output, with projected deficits alone approaching 10 million tonnes. Rule noted humanity has mined roughly 700 million tonnes of copper in total history, meaning the next 14 years would require mining about 525 million tonnes more, equivalent to adding 10 of the world's biggest copper mines.