The global copper market faces a paradox: demand is rising, yet the number of new mining projects capable of timely delivery of additional supplies is limited. This is highlighted by the American investment and financial consultancy The Motley Fool, which identifies the insufficient number of greenfield projects as one of three factors likely to drive up copper prices in the coming years.
The aging of existing mines creates further pressure. As their output declines, new facilities are needed to provide additional supply. However, a new mine cannot simply appear on the market overnight, creating a risk of a supply-demand gap.
One such potential project in Macedonia is Ilovica-Shtuka, a porphyry copper-gold deposit. According to geological survey data cited in available analyses, the deposit holds over 700,000 tons of ore concentrate and offers the potential to export more than 10,000 tons of copper annually over a 20-year period. University professors have previously identified Ilovica-Shtuka as the most significant potential site for a greenfield mining project in the country. Professor GjorgjiDimov recently stated that it is a large deposit, with a significant portion already explored, whose genetic type is comparable to the porphyry copper deposits in Greece. According to Dimov, domestic geologists have estimated even larger reserves within Macedonia. Global trends indicate that without new mines, it will be difficult to meet the growing demand for copper. For Macedonia, this raises the question of whether and how existing mining potential can be harnessed for future economic development