This is indeed an interesting point. I completely agree that the supply side of copper is becoming increasingly challenging in various ways, which I believe will support demand for Metso’s products and services in the long run.
I have understood that copper mining is becoming more difficult as the quality of copper deposits declines, which a player like Metso naturally benefits from structurally. In practice, this means that to produce the same amount of copper, more rock must be processed and more complex processes must be managed than before, requiring even more efficient crushing, grinding, and concentration solutions, and of course, optimization of the entire process. This is exactly what Metso offers with all its services.
Another thing that is personally more interesting to me is the circular economy perspective of copper. The more valuable copper becomes, the more profitable its recycling becomes as well, and this is further accelerated by the continuous development of circular economy infrastructure and supporting regulation, which has not taken any steps back. What is interesting from Metso’s perspective is that its technologies are also suitable for copper recycling, not just traditional mining. For instance, they have solutions under the name e-scrap for processing electrical and electronic waste, and hydrometallurgical processes for copper recovery.
Another interesting angle is that Metso’s technologies allow for the integration of recycled copper into the primary copper process. In other words, this source of recycled copper (e.g., some scrap fraction or similar) can, as I understand it, be run through the same process as mined copper, which supports the transition toward metal production that truly relies on a circular economy.
I am personally on board with Metso because the company is well-positioned for a world where copper is increasingly needed, but producing it requires smarter technology than before—regardless of whether the copper comes from the ground or if raw materials already in use are being utilized.
I am not a deep expert in this field, but if I may make a wish, perhaps someone could ask Metso about this in more detail and map out what kind of competitive advantages or exploitable patents they might have in this area? In other words, to understand a bit better what Metso’s role and competitive lead are in a world turning toward a circular economy. I am under the impression that there would be plenty of these, especially within the former Outotec’s technology portfolio.