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What is Copper Exploration? With the increasing demand for copper, copper mines are getting exhausted and are falling short to meet the demand. Additionally, mines have a limited life expectancy, and once they are extracted … Read More
With the increasing demand for copper, copper mines are getting exhausted and are falling short to meet the demand. Additionally, mines have a limited life expectancy, and once they are extracted enough, they run out of ore and need to be shut down. So before it happens, we need to search for deposits that are feasible to mine and are present in an amount for the mining that lasts for a few years. This search for new mineable copper deposits is known as copper exploration. It maintains the demand and supply chain of copper.
For instance, Ontario has mines rich in copper and is the leading producer in Canada. But when these mines are exhausted? We are going to need new mines. On the other hand, the Canadian province of British Colombia has unexplored deposits of copper, which are trapped in glacier drifts. Therefore, a lot of major companies are working towards exploring these deposits. So that when current mines are exhausted, we do not have to face a copper shortage.
Humans have been to almost every place on earth, but still a lot underneath the surface is yet to be explored. And those who are qualified to do so are called exploration geologists. They have proper knowledge and tools to find which places have Copper deposits underneath. They are experts in the field, and by testing soil and rock samples of a place, they can find if the metal density is enough to be profitable.
However, exploration is not just finding a place with a high density of copper minerals. According to the geologists at Solaris Resources inc, they have to further investigate the following points:
1. The depth of deposits in the crust to determine how much ore can be extracted.
2. Examining the ore for its type, copper concentration, and quality to decide if mining it will be profitable.
3. Nearby features of the land to figure out if the mining industry set up will be accessible.
A lot of companies, including some of the largest companies such as KHGM, Abacus mining and Solaris resources inc, are working in the field to explore mineable copper deposits. And they have set up huge projects already in probable places that to find copper deposits at less potential locations poses a challenge.
Effect of this challenge on exploring companies
With increasing copper prices, companies increase their exploration budget, making it harder to boost it. Also, with the increasing budgets of projects, companies find new investors, and their market value goes up. For example, look at Solaris stock price trend. Ever since it was listed on the Toronto stock exchange, its value has gone upwards.
Copper mining is a vast industry, but so is copper exploration. They both go hand in hand and help each other. It is a common occurrence for mining and exploring companies having stakes in both industries. With copper replacing aluminum in engines and motors, the demand for copper is multiplying, and so is its exploration.