Codelco, the world\u2019s biggest copper producer has issued a warning \u2013 that global shortages of the metal will reach eight million tonnes by 2032.\u00a0 At a recent conference, Maximo Pacheco, Chairman of the Board of Codelco made some comments of the direction on the copper market:<\/p>\n
\u201cConsidering that some copper deposits are in the process of stopping production and that other projects are in the process of starting operations, it is estimated that the deficit will be almost eight million tonnes in 10 years.\u201d<\/span><\/p><\/blockquote>\n
He added that Chile, the world\u2019s largest copper producer, produces 5.6 million tonnes a year.\u00a0 Based on studies conducted by Codelco, Pacheco believes the world\u2019s energy transition will increase demand for the red metal from 25 million tonnes per year to just over 31 million tonnes in 2032.<\/p>\n
Pacheco warned,<\/p>\n
\u201cIf new mining projects do not come into cooperation, the imbalance between supply and demand will begin to be noticed during the second half of this decade in 2026.\u201d\u00a0<\/span><\/p><\/blockquote>\n
Experts estimate the industry needs to spend more than $100 billion to build mines able to close what could be an annual supply deficit of 4.7 million tonnes by 2030.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Codelco, the world\u2019s biggest copper producer has issued a warning \u2013 that global shortages of the metal will reach eight million tonnes by 2032.\u00a0 At a recent conference, Maximo Pacheco, Chairman of the Board of Codelco made some comments of the direction on the copper market.<\/p>\n","protected":false},"author":25,"featured_media":17307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56,59],"tags":[2111,76,851,1846],"class_list":{"0":"post-25187","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-metals","9":"tag-codelco","10":"tag-copper","11":"tag-copper-demand","12":"tag-copper-miners"},"acf":[],"yoast_head":"\n
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