Billionaire Mining Magnate Friedland Says $15,000-a-Ton Copper Needed to Spur New Mines

By Alix Steel, Dani Burger, and Jacob Lorinc – Bloomberg

Copper prices need to nearly double in order to prompt mining companies to build costly mines to meet rising demand for critical materials, according to billionaire Robert Friedland.

The mining magnate said that forecasts of copper prices reaching $9,000 a metric ton next year isn’t enough to stimulate the industry to take on risks of building huge, capital intensive mines, especially in Latin America.