Evolution Mining says it wants to extend the operation of its copper and gold mine, the Ernest Henry project, for an additional 17 years.

As the need for copper rises in various sectors like construction, transport, energy, and renewables, worldwide stockpiles of the metal are dwindling.

The company says its decision is driven by that surging demand.

“The demand for copper is really being driven by the focus on renewable energy and the decline in availability of copper in the global market,” says Evolution Mining's Managing Director and Chief Executive, Lawrie Conway. 

Since taking full ownership of the Ernest Henry mine, the company has doubled its reserves of copper and gold, signalling untapped potential.

According to the federal resources department, Australia was the sixth largest producer of mined copper globally in 2022. 

Despite the economic uncertainties caused by the COVID-19 pandemic, the conflict in Ukraine, and inflation, Australia's copper export volumes are on the rise. 

It is projected that exports will increase by 2 per cent in 2023 to reach 829,000 tonnes, with further growth expected in 2024 due to expanded production from new mines across the country.

The global renewables sector continues to be a major driver of copper demand. 

The Department of Industry, Science, and Resources predicts that the sale of electric vehicles, which require significantly more copper than conventional cars, will reach 18 million units in 2024, up from 10 million in 2022. 

Investment bank Goldman Sachs has projected a nearly 600 percent increase in copper demand by 2030 due to factors such as COVID-19 disruptions, rising costs, and declining copper discoveries.

Evolution Mining says it is considering the possibility of further expansion to meet these escalating global demands.