Copper is essential to modern life and the transition to a low-carbon economy.
As the world’s preferred conductor of electricity, copper is used across electricity networks, renewable energy, battery storage, electric vehicles, buildings, data centres and digital infrastructure.
At Sandfire, copper is at the core of our portfolio and our purpose. Our copper production is complemented by silver, zinc and lead, which provide valuable by-product credits and are used across industrial, infrastructure and energy applications.
Copper
As the world’s preferred conductor of electricity, copper is essential to modern life. It underpins electricity networks, renewable energy systems, battery storage, electric vehicles and data centres, while also enabling the technologies driving digitisation and artificial intelligence.
Copper consumption is expected to increase by approximately 3% each year between CY26 and CY36 (CRU, 2026) as the world transitions towards a lower-carbon economy. This includes a projected demand increase of approximately 40% from energy transition and emerging technology applications. In CY30, the highest growth in demand for copper (compared to CY25 actual usage) is expected to come from electrification (up 42%), digital / AI (up 26%) and consumer product (up 12%) usage.
Meeting future demand for copper presents a significant challenge. New sources of supply are becoming increasingly difficult to develop, with industry forecasts indicating a supply gap of approximately 8Mt by CY36. Addressing this shortfall is expected to require around $170B in investment and the development of approximately 70 new projects over the next decade.
Supply growth is further constrained by long development lead times, permitting complexities, cost inflation and the historic challenge of converting project pipelines into operating mines. Furthermore, existing mines are getting deeper, costs are increasing and grades are declining, with copper producers spending significant amounts of capital to sustain production.
Reflecting its strategic importance, copper sits at the heart of Sandfire’s purpose: we mine copper sustainably to energise the future.
Copper is our primary commodity, contributing approximately 70% of our FY26 revenue. Silver, zinc and lead provide additional market diversification and valuable by-product credits, strengthening the resilience of our portfolio while supporting a range of industrial and energy transition applications. In fact, these by products are a fundamental driver of our competitive advantage which includes an exceptionally competitive C1 position on global cost curves.
Silver, zinc and lead
Silver, zinc and lead play important roles in the global economy and in the transition to a lower-carbon future. Silver is highly conductive and is used in electronics, solar photovoltaic technologies and other clean energy applications.
Zinc supports durable, long-life infrastructure through galvanised steel, helping protect renewable energy assets such as solar facilities, wind turbines and electricity networks from corrosion, while also contributing to emerging battery technologies. Lead remains important in energy storage due to its dominant role in lead-acid batteries
Forecast copper demand and mine production between CY26 and CY36
Figure above: Forecast copper mine production and primary demand. Source: CRU Copper long term market outlook May 2026. Note: Probable and possible production represents potential output before allowance for disruptions
Forecast growth in copper demand to 2030*
Building and Industrial
(7%)
Construction, electrical systems, and industrial components that support urban infrastructure and manufacturing.
Electrification
(42%)
Power generation, transmission, and electrified transport enabling the energy transition.
Consumer Products
(12%)
Household appliances, tools, and personal goods that enhance everyday living.
Digital / Artificial intelligence (AI)
(23%)
Telecommunications, data infrastructure, and electronic systems powering digital and AI-driven technologies.
Cooling
(9%)
Heat transfer and energy efficiency within HVAC and refrigeration systems.
Transport and defence
(1%)
Shipping, rail, and other transport systems supporting global trade and logistics.
Other end users
(5%)Telephone cabling, earthing cable, copper windings for 5G antenna and base station transformers, marine and shipbuilding applications, coins, jewellery, clothing and musical instruments.
* forecast percentage increase in copper demand from key sectors, to CY30 from CY25 actual use.
Source: CRU Copper Growth Markets Data July 2026
Sandfire is a proud partner of the International Copper Association Australia.