Codelco head warns of potential for large global copper deficit in a decade

An image of Codelco's chairperson

Codelco chairperson Maximo Pacheco

24th November 2022

By: Reuters


Font size: - +

The global copper market could accumulate a large deficit of almost eight million tonnes in a decade as soaring demand will outweigh new projects, the head of Chile's State-owned Codelco, the world's largest producer of the metal, said on Thursday.

During a speech at Asia Copper Week in Singapore, Maximo Pacheco, chairman of the board of Codelco, highlighted that although a surplus is expected in the short term due to new projects in Chile, Congo, Peru and Tibet, medium term demand will eclipse supply further down the line.

"Considering that some copper deposits are in the process of stopping production and that other projects are in the process of starting operations," Pacheco said. "It is estimated that the deficit will be almost eight million tonnes in 10 years."

He added that Chile, the world's largest copper producer, produces 5.6-million tonnes a year.

Pacheco pointed out that the energy transition to combat climate change will take demand for copper from 25 million tonnes per year to just over 31-million tonnes in 2032.

Pacheco stressed that the window to cover the supply is "extremely short" compared to the time needed to exploit new deposits.

"If new mining projects do not come into operation," Pacheco said. "The imbalance between supply and demand will begin to be noticed during the second half of this decade, in 2026."

Edited by Reuters



Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones, wear-resistant linings,...

Sandvik Mining and Rock Solutions
Sandvik Mining and Rock Solutions

Sandvik Rock Processing products and services provide you maximum value in terms of performance, quality, safety, flexibility and not least total...


Latest Multimedia

sponsored by

Magazine round up | 29 September 2023
Magazine round up | 29 September 2023
29th September 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.06 0.093s - 90pq - 2rq
Subscribe Now