Chile’s state owned mining company Codelco, the world’s biggest copper producer, warns that global shortages of copper may reach 8 million tonnes by 2032, as soaring demand continues to offset new projects numbers.
Based on studies conducted by Codelco, the world’s energy transition to stop climate change will take demand for the orange metal from 25 million tonnes per year to just over 31 million tonnes in 2032.
This means the world would need to build eight projects the size of BHP’s Escondida in Chile, the world’s largest copper mine, over the next 8 years.
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BHP Price at posting:
$44.55 Sentiment: None Disclosure: Not Held
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