Since 2010, about 207 million tons of copper have been discovered in 54 deposits worldwide. During the same period, 272 million tons were mined. Consider this: we are depleting our reserves faster than we are replenishing them.
Things are not much better with gold. Since 2010, about 1967 million ounces have been discovered, compared to 1,470 million ounces mined. We are holding positions, not building them up.
If we take into account the increase in resources at existing mines such as Olympic Dam, Escondida and Oyu Tolgoi, the world's copper reserves are actually balancing. The old deposits have added 813 million tons of new copper resources since 2010.
This is almost three times the contribution of new discoveries.
Less than 15% of copper deposits and 30% of discovered gold deposits are developed within 20 years. Half of the projects at the feasibility study stage have been frozen, and not because of geology, but because of economics, ecology or politics.
The task of geological exploration is now not just to find a new ore body. It's about finding something that can actually be built. This is the difference between discovery and value.
