Los Andes Copper Ltd (TSX-V:LA) chairman Eduardo Covarrubias told investors that it is “essential” to fill the supply gap in a sustainable manner in order to meet net zero climate goals.
Covarrubias’s comments came following London Metals Exchange (LME) Week 2023, an annual gathering of the global metals community, where discussions were dominated by positive sentiment around copper.
ESG and the green transition took center stage during the week, with the LME emphasizing efforts to increase the sustainability of metals traded on its platform.
Copper emerged as a significant topic of conversation, particularly at the LME Metals Seminar, where it was the favored base metal for 2024, receiving 53% of the vote in a poll of attendees. Copper plays a vital role in the green transition, as demand is expected to outstrip production levels.
LME copper price could rise from $8,100 to between $12,000 and $15,000 in 2025 as demand continues to grow, according to Citibank.
Los Andes Copper, with its Vizcachitas project, is well-positioned to address the supply gap sustainably. The project, one of the largest advanced copper deposits globally, is developed with sustainability initiatives at the forefront, reducing water and power usage and project footprint.
Los Andes holds a 100% interest in Vizcachitas, which is expected to be one of Chile's major copper mines.
“The Vizcachitas project is poised to be part of the solution as one of the largest development stage copper projects in the Americas utilising sustainable mining technologies in its mine design,” Covarrubias said. “This has resulted in a significant reduction in water and power usage as well as project footprint."