(Business Today)
Vedanta Group Chairman Anil Agarwal on Thursday took to X to spotlight copper’s growing strategic importance, calling it the “next gold” in the age of clean energy, electric vehicles, and advanced technologies.
Sharing a photo captioned “Copper is the next gold,” Agarwal pointed to Canada-based Barrick Gold’s rebranding move—dropping “gold” from its name—as a clear sign of the global shift toward copper mining. “Copper is the new super metal which is being heavily used in every advanced technology, whether EVs, renewable energy infrastructure, AI or defence equipment,” he wrote.
He noted that copper mines worldwide are being revived and new smelters are being set up to meet soaring demand. India, he added, also holds vast untapped potential in critical and transition metals. “A great opportunity for young entrepreneurs and investors. Let’s make it a mission,” Agarwal urged.
Backing this shift, Barrick Gold Corporation—currently the world’s second-largest gold producer—announced a proposal to rename itself as Barrick Mining Corporation to better reflect its growing copper investments.
“We are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation, to reflect the company’s changing production profile,” the firm said in a press release on Friday.
Barrick CEO Mark Bristow has consistently emphasized copper’s growing role in the company’s future. The Toronto-based firm is developing the Reko Diq copper-gold project in Pakistan and scaling up Zambia’s Lumwana mine, which is on track to become one of the world’s largest copper operations.
Gold price surge
Gold prices in Delhi surged by Rs 70 on Thursday to touch a fresh all-time high of Rs 98,170 per 10 grams, driven by strong global demand, according to the All India Sarafa Association. This follows a sharp rise of Rs 1,650 on Wednesday, when 24-carat gold had already hit a record of Rs 98,100.
Gold of 99.5% purity also climbed Rs 70 to reach Rs 97,720 per 10 grams, compared to the previous close of Rs 97,650.
With Akshaya Tritiya approaching, gold’s rally is drawing investor attention. Traditionally viewed as an auspicious day to buy gold, Akshaya Tritiya has also become a strategic moment for long-term investment. The numbers support that sentiment—on Akshaya Tritiya last year (May 10, 2024), 24-carat gold was priced at around Rs 73,240 per 10 grams. In just 11 months, it has delivered a return of approximately 31%.
