A billionaire reveals to the world the new "gold" that cannot be exchanged

The Russian billionaire, Alisher Usmanov, predicted that copper would become more popular in the coming years and thus become "new oil" or "new gold" for the world.

In the details, Usmanov, a businessman and the main shareholder of the "USM" group, stressed that the demand for copper against the background of the development of the low-carbon economy will grow steadily and outstrip supply, and accordingly turn into new gold for the world.

He explained that his expectation is justified by the list of industries that depend directly on copper, including telecommunications, electric cars, batteries, renewable energy systems, and carbon capture and storage.

Billionaire Alisher Usmanov's interest in copper is due to the fact that the USM group, in which he owns most of its shares, includes a copper company. In this regard, he indicated that his group is closely studying the problems associated with the extraction and use of this metal.

Usmanov also cited data from the International Energy Agency, which predicts that copper, nickel and graphite will dominate demand for metals by 2040. By this date, copper consumption with clean energy technologies will increase by 2.7 times compared to 2020.

Bank of America expects annual growth in copper consumption, driven by the technologies needed to transition to zero emissions, to reach 3.6% by 2030.

At the same time, the Russian Mayard asserts, that there is essentially nothing that can be replaced with copper, and the global replacement does not exceed 1% and mostly relates to the manufacture of electrical conductors.

Follow our latest local and sports news and the latest political and economic developments via Google news