Previously lagging behind in the global industry, the US copper sector has attracted investments of $1.1 billion. Tesla and other electric vehicle manufacturers have invested in copper mining, Reuters reports. In 2020, four more copper projects will be launched and several deposits will be expanded. The United States ranks fifth in the world in copper reserves. Electric vehicles that use twice the amount of copper are becoming more popular in the market, which leads to an increase in investment in the industry. Copper mining in the US is reborn. The next four years will increase the volume of metal extraction by 8%. A number of US companies are planning to develop deposits by 2020. Tesla has already shown interest in copper production. In anticipation of the copper boom, Trump is preparing to reduce the time it takes to issue mining licenses, thanks to which the sector will also attract institutional investors. Analysts predict growth in stocks of companies building copper mines in the United States. Metal prices could rise by 10% over two years.
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