Mexico‘s Underappreciated Copper Opportunity: Latin America Metals & Mining

研报英文原文证据摘录

Mexico‘s Underappreciated Copper Opportunity: Latin America Metals & Mining

tal infrastructure investment. Together with Plan

Mexico's push to expand industrial capacity and modernize energy and transport

networks, these developments reinforce the outlook for sustained copper demand across

North America, as growing electricity consumption, manufacturing activity, and logistics

infrastructure all require significant volumes of copper.

Exhibit 16: Plan Mexico is expected to become an important source of copper demand

in the country

Plan México initiative Approximate target Copper demand driver

Industrial investment Construction, electrical equipment, industrial

US$277 billion through 2030

pipeline machinery

Industrial development

15 development poles Building wiring, substations, motors, utilities

poles

Housing 1.7 million homes Residential wiring, electrical panels, appliances

Power generation & Major grid expansion (capacity and Transmission lines, transformers, substations,

transmission transmission investments) cables

Electric vehicle EVs require roughly 2–4× more copper than ICE

Expansion of EV production

manufacturing vehicles

Semiconductor Clean-room electrical systems, power distribution,

New fabs and packaging facilities

manufacturing equipment

Electronics & advanced

Expansion of high-value manufacturing Industrial machinery, motors, factory wiring

manufacturing

Expansion and modernization of rail

Rail infrastructure Electrification, signaling, communications cables

network

Ports & logistics Port modernization and expansion Electrical infrastructure, cranes, power distribution

Water infrastructure New water and sanitation projects Pumps, motors, power cables, control systems

Source: Mexican Government and Morgan Stanley Research

Morgan Stanley Research 13