With its superior electrical conductivity, copper is a key material for the clean energy transition. The fact that the metal is endlessly recyclable without loss of properties is a major trump card in this context. Recycling alone, however, will never suffice to meet the predicted demand growth. There are enough resources on earth to produce the additional copper that is required, but the lead times from exploration to production will have to speed up and to the carbon emissions of copper production will have to be brought down to zero. The copper industry is well on track to deal with these challenges, but the involvement and commitment of multiple stakeholders is needed to make it happen. Used in a wide variety of electrical applications Copper has the highest electrical conductivity of all non-precious metals, which is the reason why it can be found in a wide variety of electrical applications. At the side of electricity generation, both photovoltaic and wind power plants contain high quantities of copper. Transformers, batteries and interconnectors are built with copper and play a key role in the electricity grid. Many electrical end-use applications also have copper as key material, including electric vehicles and their charging infrastructure, electric motors, electro-processing systems, heat pumps and heat recovery systems. This makes copper into an essential material to electrify and decarbonise the European economy, with EU copper demand expected to increase by 35% between 2020 and 2050. Today, 30% of the copper demand in the EU is met through local extraction and processing, 20% through the recycling of local end-of-life products, 30% through the import of copper concentrates, and 20% through the import of refined copper. Recycling as a major trump card Copper’s infinite recyclability is a major advantage. About 80 percent of copper is used in an unalloyed form, facilitating the recycling process. Even for copper that is alloyed or contains other materials, recycling without downgrading is still possible and efficient. This means that the unwanted elements can be removed to recover the copper in its pure state, ready to be re-used in any kind of application. In fact, recycled copper and newly mined copper go through the same refining process. Depending on the purity of the scrap, the required processing steps vary, but the end product is always the same and provides the required purity for electrical applications. Because of its high degree of recyclability, the copper in use in its various applications is not lost, but can be considered a legitimate part of the world copper reserve, often referred to as society’s “urban mine”. Globally, copper demand is expected to double by 2050, driven by the clean energy transition, population growth and economic development. This leads to the question whether copper production will be able to follow this steadily increasing demand.

1. Copper, A Strategic Raw
Material
Circularity, GHG Emissions Pathway
and Availability
CTI Symposium – 5, 6 December 2023

2. AGENDA
1. Context – The use of permanent magnets
2. Copper is infinitely recyclable, without loss of properties
3. Copper—The Pathway to Net Zero
4. Long-term copper availability
2
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

3. Context – The use of permanent magnets
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
3
1
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

4. Permanent magnet dominates the landscape of EV motor
technologies
4
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Model 3
New Model S
New Model X
Permanent Magnet Induction
Original Model S
Original Model X
Front motor in Model 3 (dual)
e-tron
new Q4 e-tron
Wound Rotor
5th Gen drive
Source: IDTechEx

5. 5
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
x5
x3
Expected high growth in demand for permanent magnets
and strong competition with the wind sector
https://eit.europa.eu/sites/default/files/2021_09-24_ree_cluster_report2.pdf

6. 6
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Extreme reliance on a single country
https://eit.europa.eu/sites/default/files/2021_09-24_ree_cluster_report2.pdf

7. High volatility in the rare earth market
7
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
https://strategicmetalsinvest.com/

8. The Critical Raw Materials Act
8
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Extraction Processing & Refining Recycling
10% 40% 15%
Targets by 2030
Dependency of a
single country
<65%
https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-raw-materials/critical-raw-materials-act_en

9. Strategic and critical raw materials starting point
9
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Extraction Processing & Refining Recycling
10% 40% 15%
Heavy rare
earths 2020
Copper 2020
~ 0% ~ 0% ~ 0%
~ 30% ~ 80% ~ 20%
CRM Act 2030
targets
Dependency of a
single country
<65%
Mining 63% (China)
Refining 85% (China)
Mining 25% (Chile)
Refining 40% (China)
https://eit.europa.eu/sites/default/files/2021_09-24_ree_cluster_report2.pdf
https://www.energy-transitions.org/publications/material-and-resource-energy-transition/

10. Induction and wound rotor technologies can fill the gap
10
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
200 kW copper rotor induction motor www.refreedrive.eu
Design optimisation ´Die-cast and fabricated
rotor
Hairpin winding
Rotor cooling

11. Advanced techniques exist to improve performance of
induction machines
11
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Area [mm²] 262.5746
Porosity [%] 0.01
Tol (max) [%] 5.0000
Area [mm²] 381.366
Porosity [%] 10.1323
Tol (max) [%] 5.0000
Industry Standard Zero Porosity Rotor – ZPR®
Source: Wieland

12. Group of interest on induction technologies
12
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
 Zero porosity
die cast copper
rotor
 Fabricated
copper rotor
 Motor design
 Motor
manufacturing
 Hosting &
Communication
https://www.linkedin.com/company/
induction-motors-platform/

13. Is there enough
copper to satisfy the
energy transition
demand?
Moving away from permanent magnets… but what about
copper?
13
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
What are the
embedded emissions
of copper?
Can recycled copper
be used again in
electrical
applications?

14. Copper is infinitely recyclable—without any loss of its
chemical or physical properties.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
14
2
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

15. 15
Recycled copper is the same as mined copper
 Recycled copper and newly mined
copper go through the same
refining process for delivering the
purity required for electrical
applications.
 Purity is entirely unrelated to the
origin of the copper.
 Presence of recycled content does
not impede any kind of application.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

16. 16
Depending on the purity of the scrap, the required processing
steps vary, but the end product is the same
Melting
Directly returned to
fabrication
Refining
(Fire / Electro)
Smelting, Converting
& Refining
<85% Cu
85% - 98%
Cu
>99% Cu
99.99%
30% 99%
60% 99%
Scrap
grade
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

17. Potential recycled content is limited to the amount of available
scrap
17
• Available scrap is limited by past
demand
• Demand roughly doubles every 30 years
• Average lifetime of copper-using
products is about 30 years
• Recycling alone won’t be enough to
meet growing demand.
• Both mining and recycling are
needed to meet demand.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Time
Demand
30 years

18. The role of scrap in meeting global copper demand
18
Source: ICSG - The World Copper Factbook
2023 https://icsg.org/copper-factbook/
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

19. Copper Alliance members are developing recycling initiatives
19
Many smelters have evolved
into hybrid operations
Members are creating
dedicated recycling
facilities
https://www.aurubis.com/en/media/press-releases/press-releases-2021/aurubis-builds-recycling-plant-in-the-us-and-sets-its-sights-on-sustainable-growth
https://www.atlantic-copper.es/sala-de-prensa/comunicados-de-prensa/750-la-junta-de-andalucia-declara-estrategico-un-proyecto-de-economia-circular-de-atlantic-copper
Aurubis multimetal
recycling in
Augusta, U.S.
(2024)
Atlantic Copper
WEEE recycling in
Huelva, Spain
(2024)
Aurubis Hamburg
Boliden Rönnskär
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

20. Copper—The Pathway to Net Zero
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
20
3
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

21. ICA members have committed to bringing the Scope 1 and 2
GHG emissions of their Cu production to net zero by 2050…
21
Source: https://copperalliance.org/resource/copper-pathway-to-net-zero/
…and to engage with the
value chain to bring Scope
3 emissions as close as
possible to net zero by
2050.
This is subject to
conditions: availability of
decarbonised electricity, of
clean technology for
machinery and higher
recovery rates of end-of-
life products.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

22. Long-term copper availability
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
22
4
This section has been developed to provide information regarding the long-term
availability of copper from publicly available information.
Its purpose is to provide readers with information to make independent business
decisions.
It contains forward-looking statements based on currently available data. These
statements are not guarantees and are subject to risks, uncertainties and other factors.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

23. Demand expected to grow
23
Key drivers for
growth:
• energy transition
• population growth
• economic
development
Historic growth
since 1900: 3,3%
CAGR
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Source: IEA Critical Minerals Data Explorer https://www.iea.org/data-and-statistics/data-tools/critical-minerals-data-explorer
IEA Announced Pledges Scenario IEA Net Zero by 2050 Scenario

24. There are enough copper resources to support the energy
transition and meet society’s needs
24
Total resources
5600 Mtonnes
(>250 years)
Reserves
890 Mtonnes
(41 years)
Annual production
22 Mtonnes
Deep sea deposits excluded
Primary route: mining Secondary route: recycling
450 Mtonnes available
in the “urban mine”
Identified resources
2100 Mtonnes
(100 years)
Copper can be recycled
repeatedly without
downgrading, and most
alloying elements are
recoverable.
ICSG - The World Copper Factbook 2023: https://icsg.org/copper-factbook/
Dynamic Analysis of Global Copper Flows: https://pubs.acs.org/doi/10.1021/es400069b
US Geological Survey (USGS), 2023: https://www.usgs.gov/centers/national-minerals-information-center/copper-statistics-and-information
Meeting future copper demand: https://sustainablecopper.org/meeting-future-copper-demand/
Landfills
150 Mtonnes in
landfills
End-of-life scrap
production: 4 Mtonnes
Fabrication scrap:
4 Mtonnes
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

25. Reserves vs. Production
25
Since 1950, there has always been,
on average, 40 years of copper
reserves and over 200 years of
resources remaining.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association
Source: https://copperalliance.org/sustainable-copper/about-copper/cu-demand-long-term-availability/ according to United States Geological Survey 2018

26. Mid-term pipeline
26
Source: The World Copper Factbook 2023
https://icsg.org/copper-factbook/
International Copper Study
Group (ICSG): a theoretical
annual capacity of around 10.8
million tonnes of copper resides
in mining projects not yet in
operation.
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

27. Increasing copper availability
27
Exploration
results
Resources Reserves Mining
Multiple factors impact processes before extraction:
economic, environmental, technology, political and social
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

28. Matching supply and demand: a joint effort between
stakeholders and the copper industry
Support the deployment of new mineral processing technologies
 Improvements in grinding and other techniques increase the extraction efficiency
 Leaching old mining waste offers additional reserves
Create efficient permitting and fair licensing for responsible production
 Currently, the average lead time from exploration to production is 15 to 20 years
Increase recycling rates and circularity in systems
 While copper is one of the most recycled metals, end-of-life collection, sorting,
recovery and recycling rates can be improved
Improve social acceptance of mining
 It is important that citizens understand the role of metals and mining for their future
livelihood and well-being
 Significant efforts are being made to promote responsible mining practices (see
https://coppermark.org/) and manage social and environmental impacts
Accept
and
approve
mines
Improve
recycling
Tech
nology
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

29. The long-term supply of permanent magnets is subject to a strong single-
country dependency and market volatility.
Induction and wound rotor technologies can fill the gap, notably considering
the latest innovations in the field.
Copper is infinitely recyclable without loss of its chemical or physical
properties. Recycling has an important role to play, however, recycled
copper alone will not be enough to meet increasing demand.
International Copper Association members have committed to bringing the
Scope 1 and 2 GHG emissions of their Cu production to net zero by 2050.
There is enough copper in the Earth’s crust; however, to extract it in a
timely and sustainable manner, a number of challenges must be collectively
addressed – including societal acceptance of mining.
29
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association

30. Thank you!
fernando.nuno@copperalliance.org
CTI Symposium Berlin 5 - 6 Dec. 2023, Fernando Nuno, International Copper Association