The global energy transition faces a potential bottleneck: a growing copper supply deficit. According to Rómulo Mucho, the world must dramatically increase copper production over the next 25 years to meet rising demand.
Mucho, former Minister of Energy and Mines of Peru and member of the Program Committee of the World Mining Congress 2026, emphasized that this issue will take center stage during the congress in Peru.
“By 2050, the world will need between 70% and 100% more copper than is currently produced,” he warned. A 100% increase would effectively require doubling today’s global mine output.
Copper at the Core of the Energy Transition
As the clean energy transition accelerates, demand for critical minerals continues to surge. Since 2021, the International Energy Agency has cautioned that pressure on mineral supply chains is intensifying. Copper, in particular, remains essential for renewable energy systems, electric vehicles, and power grid infrastructure.
Without sufficient investment and faster project development, supply may struggle to keep pace with projected demand.
The Structural Challenge: Developing New Mines
However, the challenge extends beyond geology. Mining projects require long development cycles that often exceed a decade—from exploration and permitting to financing and construction. Consequently, if demand is set to double within 25 years, the industry must act immediately.
Mucho stressed the urgency of expanding exploration efforts. “The fundamental task is to strengthen exploration campaigns to discover new resources that will sustain the future of mining, rather than relying solely on those already identified,” he said in an interview with the Peruvian Institute of Mining Engineers (IIMP).
Moreover, as per the press release, industry leaders at the upcoming congress will examine how to accelerate exploration without compromising environmental standards. Mucho highlighted the role of innovation, noting that technologies such as artificial intelligence, digitalization, and digital twins can significantly improve exploration efficiency and precision.
Peru’s Strategic Opportunity
Within this global context, Peru holds a pivotal position. As one of the world’s leading copper producers, the country possesses substantial reserves that could help bridge the anticipated supply gap.
Nevertheless, Peru faces internal obstacles. Mucho acknowledged persistent institutional fragility, frequent government turnover, and slow progress on major mining projects. Although high international prices have pushed mining exports to record levels, overall production growth has remained modest.
Therefore, Peru stands at a crossroads. The projected global copper deficit presents a historic opportunity, yet capitalizing on it will require regulatory stability, institutional strengthening, and accelerated project execution.
World Mining Congress 2026: A Global Forum
The World Mining Congress will bring together representatives from more than 50 countries, including industry leaders, policymakers, academics and technical experts. Together, they will address the pressing challenges surrounding critical mineral supply and the future of mining.
The 2026 edition will take place from June 24 to 26 at the Lima Convention Center in Peru, marking the country’s return as host of the congress after more than five decades.
