Soft Jobs. Hard Talent: Mining’s Hidden Bottleneck | Steven Enders

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**Steven Enders** (1:56)
The market will supply the talent we need. I'm a huge bull on copper from a demand perspective, a price perspective. There's a big gap there, and I'm not exactly sure what's going to break, but my sense is the quality. It's the quality of the people that really make a difference.

**Maggie Lake** (2:18)
Steve, it's great to see you. Thanks for stopping by in person.

**Steven Enders** (2:22)
Good morning. Nice to be here.

**Maggie Lake** (2:24)
So, Rick Rule was talking about you earlier and said there isn't anybody who knows more about exploration and production and everything that goes into that than you, probably.

**Steven Enders** (2:33)
That's probably an overstatement, but I'm flattered.

**Maggie Lake** (2:37)
So, given that, we've heard a lot from the people that we've been talking to in here at the conference about the demand supply imbalance.
Talk to me a little bit about the supply side because you do understand it so well. And what is the, what kind of deficits are we looking at?
How are you viewing that?

**Steven Enders** (2:56)
Yeah, so I think probably the best thing I can speak to is the deficit in copper looking forward. And it doesn't really make a difference which forecast you look at.
The demand for copper, say, out to 2050, is more than we can supply with what we currently have. And it's difficult to see that any of the projects that are ready to be developed, shovel ready, or imminent for that, will be able to replace, not replace, but supply what we need for that. So there's a big gap there. And I'm not exactly sure what's going to break. I mean, this could be a copper price could increase, and then we can make more marginal copper from what we already have.
And there could be some things like substitution. There's a couple of companies thinking about using aluminum now in EVs rather than copper. And they talked about it from a price perspective, but frankly, I think long term, it might be just that we don't have all the copper we need. Yeah.

**Maggie Lake** (3:52)
Yeah. The substitution, I've heard people push back on that hard. You can maybe in some instances, but it's not an equal swap. Unless you create something new, you can't, we've heard this about silver too.
You can't replicate that. So it seems unlikely that's going to help.

**Steven Enders** (4:08)
Oh, I'm not a fan of it. I actually think copper is a superior metal.
But society will get what society needs, somehow, someway. But I think there's, I'm a huge bull on copper from a demand perspective, a price perspective, and I think it's a challenge for the industry to be able to deliver it. And it's going to be, I think, a cold splash in the face for some politicians and government people to realize we can't always deliver exactly what they want when they want it.