Copper is one of the key commodities required for the global transition to Net Zero, it is used in wind turbines, electric vehicles, telecommunications and construction sectors.

• Copper price has increased from US$2.14/lb to $4.26/lb since 2016 - driven by global economic growth, increasing infrastructure investment and global supply-side deficit. Prices could surge to US$15,000/ton by 2025, estimates Goldman Sachs

Cobalt is used across commercial, industrial, and military applications but has risen in importance due to its role in the production of rechargeable batteries to power electric vehicles and energy storage from solar, wind and renewable energy sources.

• Cobalt prices are currently elevated at $22/lb, averaging $25/lb over last five years; demand is forecast to increase more than twentyfold by 2040, according to the International Energy Agency