As growing demand continues to offset the number of new projects, global metal shortages could reach 8 million tons by 2032. A warning from Codelco, the largest copper producer in the world.

At an industry conference, the chairman of the Codelco Board of Directors, Maximo Pacheco, said that while a surplus is expected in the short term due to new projects in Chile, Peru, the Democratic Republic of Congo, and the Tibet region of China, in the medium and long term, long-term demand is will clip the offer further down the line.

At the Asia Copper Week conference in Singapore, Pacheco estimated that the deficit will be nearly 8 million tons in 10 years. ” According to several analysts, Pacheco's comments echo. Noted that analysts predict a supply deficit for the next decade estimated at 6 million tons per year. Also, they attributed the upcoming deficit to a rise in the clean energy and electric vehicle (EV) sectors.