Macedonia's Ilovica copper reserves idle as global copper shortage deepens

The International Energy Agency warned in its Global Critical Minerals Outlook 2026 that copper is becoming one of the world’s most scarce minerals. Over the past three decades the average copper content of ore deposits has fallen by about 40 %, and only 5 % of new discoveries in the last 35 years were made in the most recent decade. Bringing a new mine from discovery to production now takes an average of 17 years.

Global demand for refined copper rose 3.7 % in 2025, reaching nearly 28 million tonnes, driven by electrification, data‑center construction and rapid industrial growth in countries such as India, Saudi Arabia, Malaysia, Vietnam and China. Prices surged beyond $12,000 per tonne in late 2025 and hit record highs above $14,000 per tonne in May 2026.

Macedonia already has confirmed copper reserves at the Ilovica deposit, with studies dating back to 1973 indicating a potential output of more than 10,000 tonnes per year for 23 years. Despite this, the project has not yet been launched, leaving the country's domestic supply option untapped while the world confronts tightening copper markets.