Growing timelines for developing new copper mines are also a significant consideration in modelling future copper supply. Despite shorter construction times, the average time required to bring a new copper mine online continues to trend upward due to longer exploration, permitting and financing timelines.
For new mines brought online in 2020-2023, the average mine lead time reached almost 18 years, compared with 12.7 years for mines that started up 15 years ago. (S&P Global Market Intelligence, April 2024).
