We are all aware of the significance of the metal and mineral industry acting as one of the major driving forces for the nation’s economy. If we are talking about essential elements, we cannot forget copper, which is man’s oldest metal. The demand for copper has increased in past decades as it is the key component of emerging technology that is significantly changing the way of our living. It is heavily utilized for various purposes like transportation, transmission, construction, etc. that has raised its importance.
Copper Exploration Process
Copper exploration strategy involves the expansion of copper reserves and resources to increase future production capacity. Mining projects are acquired, and partnership with state-owned copper producers is effectively emphasized. The need for copper exploration is expanded after considering the heightened demand for copper in the world. To satisfy these demands, countries are more focused on improving the chances to find and develop the quality and quantity of ore for further productions.
It might take several years to examine and assess a place and reveal whether it is mineralized or not. Nowadays, several digital tools and technologies have made the process quite more convenient. With the commencement of artificial intelligence, the computer has been developed enough to simply identify ore deposit patterns. The explorers need to drill a significant number of holes to find the right location. Several companies like Collective Mining Ltd are highly dedicated to mineral exploration, development, extraction, and production. Collective Mining stock is consistently improving as the company is involved in working hand in hand with stakeholders to achieve mutual goals.
Copper Exploration in Canada
According to the United States Geological Survey 2020, the copper reserves are estimated at 870 million tons which are enough to meet the present annual needs that were evaluated at 28 million tons. Canada is majorly contributing to copper production. In 2019, Canada produced almost 544,000 tons of copper which were raised by 3% from the previous year. British Columbia, Ontario, Quebec, and Newfoundland, and Labrador significantly contributed to the raised output. Canada gained $10.6 billion in the trade of copper and related products in the same year. Several copper mining operations held in Canada are responsible for its economic cycle. Following are top copper mining operations taking place in the country to meet copper demands.
- Highland Valley Copper Operations
- Sudbury Operation
- Kidd Operations
- Red Chris Mine
- New Afton Mine
- Gibraltar Mine
Identifying and the exploration process might cost between $500,000 and $15 million. Earlier, pick, and shovels were used for prospecting, but geology, geophysics, geochemistry has made it simpler. Not only for copper exploration but the demand for refined copper has also been increased by more than 250% globally since the mid-1960s. It is the most sustainable and efficient use of copper. Refining is also crucial for extending social or business needs.
The explorers need to challenge several long-held assumptions to explore copper. This metal is acting as a major force for emerging technologies and innovation. Sustainable development goals can be better achieved when the minerals and metals with extraordinary properties are efficiently consumed.