>> Copper in the US is getting a new lease on life after years of fading from the global mining industry and its resurgences in parts, thanks to electric car makers like Tesla, which needs the red metal to help run its vehicles. Building a new American copper mine would have been unthinkable ten years ago, but Reuters' Energy Correspondent Ernest Scheyder visited one, currently in development.
>> You can see just over my shoulder the Pumpkin Hollow Mine which is being developed by Nevada Copper, here in Yerington Nevada. It will be one of the first copper mines to open in the United States in more than a decade. Now, globally coppery supply is slipping due in part to disinvestment in different mines.
What Nevada Copper is hoping is that demand for the red metal will continue to increase due in part to the thousands of electric cars that will be built in the next decade by Volkswagen, Tesla and others.>> The rising popularity of electric vehicles which use twice as much copper as internal combustion engines is fueling the investment.
And companies like Nevada Copper are betting that demand and thus, prices for the metal are headed in the northerly direction.>> The Tesla Gigafactory is actually just north of this mine, and they'll consume tons of copper in the models that will be turning out in the decades ahead.
>> The prospect of a copper boom in the United States, where the Trump Administration is pushing for fewer mining regulations, has drawn major institutional investors. And it´s not just Nevada Copper getting in on the action, mining industry heavyweights like Freeport, Rio Tinto and BHP Group also have US copper projects under development.
Just as copper prices are on the rise in a growling fight to supply the red metal to a hungry economy.