Australian metals explorer Revolver Resources’ strategy to focus on copper plays in proven north Queensland provinces received a vote of confidence today as the copper price soared to all-time highs upwards of US$10,700/tonne.

Revolver Managing Director Mr Pat Williams said the fundamental long-term outlook for the red metal continued to look positive as it remained around 25% up year to date.

“The stimulus fueled post-covid infrastructure splurge in China, Europe and the US was one short-term factor behind copper’s rapid ascent this year but it is copper’s future in technologies that support the electrification of energy and transport like electric vehicles that we believe will see prices remain favourable over the long-term,” Mr Williams said.

“Combustion vehicles use an average of 20 kilos of copper for the wiring and electrical components in the car while their all-electric counterparts need about 80kg. That’s just for the vehicle itself. The charging stations and other infrastructure needed to power these electric vehicles will need even more copper.

“Similarly, most clean tech including renewable energy systems like solar, hydro or wind farms requires as much as 12 times the amount of copper used in our current non-renewable energy systems,” he said.

Mr Williams referred to a report published by leading global analysts Goldman Sachs’ last May that called copper ‘the new oil’.

“The report by Goldman Sachs estimated that copper prices could skyrocket to $15,000 per tonne, a growth of more than 66%, by 2025,” Mr  Williams said.

“We strongly believe that years of under-investment combined with declining production over the past few years will lead to a supply crunch in the years ahead as mines scramble to ramp up production in line with rapidly increasing demand.”

For more information, please contact:

Pat Williams, Managing Director. Mobile 0407 145 415. patw@revolverresources.com.au
Gareth Quinn, Media Relations. Mobile 0417 711 108. gareth@republicpr.com.au