Copper prices approach record highs amid global supply constraints

Copper prices on the London Metal Exchange are approaching record levels, nearing $14,500 per ton, driven by a global supply shortage. This trend is fueled by increased imports in the United States, where traders anticipate potential tariffs under Donald Trump, and rising demand in China for electric vehicle production, artificial intelligence, and power grid expansion.

In North Macedonia, the price surge presents a significant economic opportunity, yet the country currently operates only one copper mine, Bučim-Borov Dol, producing approximately 8,000 tons annually. The proposed Ilovica-Stuka project aims to double this output to 16,000 tons per year. If realized, the project could provide substantial concession fees to the state budget and increased revenue for southeastern municipalities. While the project has faced criticism, local initiatives such as ‘I zdravje i rabota’ have expressed support, advocating for modern mining practices combined with strict environmental and institutional controls.