The other solution to meet the world's need for metals—demand less

Decelerating economic growth was pitched as a solution for meeting the world's demand for metals, reported Kitco correspondent Paul Harris.

On Friday Harris recorded Kitco Roundtable with mining audiences manager Michael McCrae.

While energy transtion will require higher production levels of copper, lithium and nickel, metal production is generally declining. Reuters reported that top copper miner, Codelco, is set to produce significantly less copper. Over the next five years production is not expected to surpass 1.5 million tonnes. Traditionally Codelco has produced over 2 million tonnes annually. Some reasons for the decline are water shortages, declining asset grades and industrial action.

Harris reported from the Colombian Mining Association that Irene Velez, minister of mines and energy, suggested that the country must not ramp up production by building more mines. Rather, economies should decelerate.

Critics said that would impede energy transition and also hurt Colombia's economic growth.