The energy transition may face a critical bottleneck: a copper supply deficit. If current projections materialise, by 2050 the world will require between 70% and 100% more copper than it produces today. For Rómulo Mucho, former Minister of Energy and Mines of Peru, this scenario raises an urgent question: Is the industry prepared to close that gap?

“Depending on the estimates, by 2050 the world will need between 70% and 100% more copper than is currently produced,” Mucho warned. He serves on the Program Committee of the World Mining Congress (WMC) 2026.

A 100% increase would mean doubling today’s global mine production. Since 2021, the International Energy Agency has warned about mounting pressure on critical minerals amid the energy transition. Copper tops the list due to its essential role across nearly all clean energy technologies, from renewable power generation to electric vehicles and grid infrastructure.

The challenge is not only technical but structural. Developing a new mine can take more than a decade, from exploration and permitting to financing and construction. If demand is set to double within 25 years, the window for action is narrow.

“The fundamental task is to continue strengthening exploration campaigns to discover new resources, which will sustain the future of mining – not just rely on those already identified,” Mucho said in an interview with the Peruvian Institute of Mining Engineers (IIMP).

How to accelerate exploration without compromising environmental standards will be one of the central themes at WMC 2026. “We have technology, artificial intelligence, digitalisation, digital twins – tools that can significantly enhance this stage of mining,” he added.

In this global context, Peru holds a strategic position. It is one of the world’s leading copper producers and hosts substantial reserves of the metal. The scale of the projected supply gap presents the country with a historic opportunity, but also with significant domestic challenges.

“Peru is inherently a mining country, but it has many pending tasks. We face institutional fragility, frequent changes in government, high turnover of officials. We have not advanced as much as we would have liked,” Mucho stated. Although mining exports have reached record levels driven by strong international prices, output growth has been limited and several major projects continue to advance slowly.

With participation from more than 50 countries, the World Mining Congress 2026 is expected to convene industry leaders, policymakers, academics and experts to address the challenges surrounding global demand for critical minerals.

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