Companies have commenced investing in copper as the demand for electric vehicles and alternate power sources, like solar energy, has risen.
FREMONT, CA: The rebellion against the electric vehicle has begun affecting many sectors around the globe, comprising the metals and mining industry. Based on a recent article by Reuters, demand for electric vehicles has rapidly increased, and almost $1.1 billion has been invested in copper deposits in the U.S. Copper is one of the key components of an electric vehicle since it has better electrical conductivity and greater flexibility. Thus, the high use of copper in electric vehicles has helped countries with more copper reserves.
Likewise, investment in copper is growing due to many other energy-related projects. For instance, it can be said that almost 183 lbs. of copper is being utilized while designing an electric vehicle, but about 3.5 tons of the metal is also invested in a single wind turbine. Furthermore, copper is also one of the essential elements that are utilized for manufacturing solar power. Yet, solar power is also one of the main sources of natural energy, and in the next ten years, it is envisioned that its demand will grow rapidly.
As the popularity of electric vehicles and other forms of energy is increasing vehemently, the necessity for domestic supplies of minerals like copper will also increase quickly. Thus, if the countries want to carry on with the electric vehicle revolution, they have to make improvements in the mining companies their priority.
With the support of innovative technology, companies can efficiently supply the mineral resources that will fuel the production of substitute energies, like electric vehicles. Likewise, with the help of minerals like copper, the development of technologies like solar energy and smart vehicles can be guaranteed so that they can cater according to the requirements of the consumers. Besides, technological advancement will also help create more jobs for the inhabitants, generating economic growth and sustainability.
