Energy transition and copper growth to stutter

BCA suggested that tougher financial conditions in a higher-for-longer interest rate environment will hobble capex investment in conventional energy, metals, and copper. It said investor dollars would also be more likely to flow to conventional energy projects such as shale, oil, and gas, given their faster cash flow generation compared to the time required to bring new greenfield copper supply online.

  Capital budgets are, therefore, being steered towards brownfield projects at existing mines to extend their operational life.    "Reversing this trend may be a prolonged process, especially as many copper companies have enjoyed strong earnings due to elevated copper prices," the report said.   BCA said the annual aggregate investment by 14 copper producers has increased steadily from $3 billion in 2017 to about $5 billion.

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