Copper exploration is increasing since the copper industry is flourishing. It is in high demand because of its various uses in equipment manufacturing, building construction, and infrastructure projects. It is also an essential trace dietary mineral to all living things.
With the increasing demand for copper for various industrial sectors, many companies are likely to invest in copper exploration. Solaris Resources Inc. is a Canadian mining company that owns 100% of early exploration stage copper-molybdenum in Ecuador.
To learn why countries are more interested in copper exploration, continue reading this brief article.
Reasons Why Countries Are More Interested In Copper Exploration
- Increase Demand Of Electric Vehicles
Many analysts and companies hope that copper demand is going to boom in the coming years since electric vehicles are growing in popularity. The increasing world’s need for this vital base metal has influenced many companies to actively participate in copper exploration operations.
- Copper Exploration Generates Employment
Copper is a key contributor to the economy since the industry is more than just mines. People of the country are employed in a range of activities like public geoscience, community engagement and consultation, environmental monitoring, health & safety, services & equipment supply, technological innovation, land use planning, mine construction & operation, processing & refining, and financing & investment.
- Vast Geology Of Copper Deposits
The larger copper deposits in Peru, Chile, Ecuador, and China have attracted many copper mining companies to invest in developing mines. Solaris Resources has made a thriving discovery of its copper project in southeast Ecuador.
Canada is a major global producer of copper, cobalt & nickel with the highest concentration of the metal and minerals being explored in British Columbia and Ontario. Heading to Ontario, which is considered as the largest minerals and metals producer in Canada counting mainly for copper, gold, and nickel. If you experience a mining tour in Canada, you will find that B.C. is the largest province of Canada famous as a copper producer. The ports here are a key gateway to export Canadian minerals and metals to Asian markets.
Moreover, copper in Canada is mostly found in large sulfide deposits (Ontario-based Sudbury Complex) as well as porphyry deposits (Highland Valley mine in B.C.).
Moreover, it is estimated that 33% of the world’s copper consumption was obtained from recycled copper in 2017.
- Recycling Extend The Use Of Resources
Copper is one of the few minerals that does not lose its chemical and physical properties when undergoing the recycling process. This property of copper makes it useful among countries since recycling extends the use of resources and minimizes waste, thus not environmentally damaging like any other mining.
- Canada’s Competitive Position
China has a successful history of sustainable mineral development with a well-developed reputation as a leading mining nation. It is ranked among the top five producing countries for 13 major minerals and metals found in Yukon, Northwest Territories, Manitoba, Alberta, Nunavut, Newfoundland, Labrador, New Brunswick, Nova Scotia, and Quebec. It has opened the market for countries like China, Australia, and the U.S.
Conclusion
More and more countries are interested in copper exploration since copper has multiple uses & demands across the globe. It does not degrade during recycling and is present in large deposits in various regions. Canadian companies have contributed to the country’s economy and are leading the global center for mining finance.
