Years of under-investment in mining of metals essential to energy transition, supply shocks and high energy prices will continue to drive commodity prices higher, Eurasian Resources Group (ERG) Chief Executive Benedikt Sobotka said on Wednesday.
Combined with COVID-related logistical issues and demand for transparency on sustainability these factors have brought together "all the ingredients for a perfect storm in commodity markets," he told the Reuters Global Markets Forum in Davos.
Sobotka believes a fossil fuel resurgence is temporary, and the transition to a lower carbon economy "cannot be stopped," which will require a projected $50 trillion in the next three decades."Anything between $200-$300 billion in investment per year will be required for the mining industry to satisfy demand for the energy transition," he said, with much of this invested into the mining of copper, nickel, cobalt and other metals.
"If you get small supply disruptions, you are going to see big swings in prices," Sobotka said, adding that he expected to see an impact in the second half of 2022.
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