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Benjamin begins by discussing mine grades, and how average grade is now at 0.5% and is going down by two basis points per year. Because of this decrease, a lot of money is being spent on expansion and copper producers are, in essence, stealing from the future in order to keep the supply of copper up. Benjamin points out that we are currently mining more rock to get less copper and identifies NIMBYism as a major factor when looking at copper supply. The lack of copper discoveries (no major copper discovery in the last seven years) and the often-high political risk are both major aspects affecting copper supply.

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