Global copper demand projected to rise 70% by 2050

The global mining industry is facing a period of structural transformation driven by the energy transition, digitalization, and decarbonization. BHP projects that global copper demand will increase by 70% by 2050 compared to the beginning of this decade. To meet this demand, the industry must achieve an annual growth rate of 2.5% to 3%, effectively adding the capacity of a mine the size of Escondida every two years.

In Colombia, the sector faces legislative challenges with the introduction of a new mining law project. Critics argue the proposal acts as an ‘anti-mining law’ by emphasizing state sovereignty over subsoil resources and promoting ‘productive reconversion’ and ‘diversification,’ which some view as a move to prematurely phase out extractive activities. While mining is currently recognized as a strategic activity for economic development under existing law, the new project could significantly alter the industry's landscape.