Macedonia's Untapped Copper Potential Highlights Global Critical Minerals Race

The International Energy Agency’s 2026 report on critical minerals warns that demand for copper, lithium, nickel, cobalt, graphite and rare‑earth elements is rising around 10 % annually, driven by electric‑vehicle batteries, renewable‑energy infrastructure and high‑performance magnets. Secure supply chains are now considered essential for economic stability worldwide.

In North Macedonia, geological studies indicate sizable copper reserves in the Ilovica area and additional potential for antimony. The country currently operates four metal mines, but only the Buchim‑Borov dol copper mine remains active and is nearing depletion. Planned projects such as a new Ilovica copper mine have been delayed for years and face activist opposition, although engineers and geologists argue that modern, environmentally‑friendly mining methods can be employed. Earlier announced investments in Kazandol and Kozuf have not materialised. Local initiative “I health and work” has expressed support for advancing the Ilovica project.

Despite the strategic importance of these resources, Macedonia has not yet fully leveraged its mineral endowment, leaving a gap between global demand and domestic exploitation.