Copper faces long-term shortage as demand outruns supply HEAD TOPICS

Copper faces long-term shortage as demand outruns supply

10/21/2022 6:39:00 PM

BHP CEO Mike Henry said the market will be in a little bit oversupply in the next few years before tightening up toward the end of the decade

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mining

The copper market may swing to a deficit by the end of the decade as the energy transition accelerates and the metal becomes harder to dig up, according to the world’s top miner. BHP CEO Mike Henry said the market will be in a little bit oversupply in the next few years before tightening up toward the end of the decade , according to the world’s top miner.Although there are enough reserves of copper, and other metals like nickel and lithium central to decarbonization, the risk is there will be “a mismatch between the timing of increase in demand and when supply meets that demand,” Mike Henry, chief executive officer of BHP Group Ltd., said at a Financial Times mining conference in London on Friday. Sign Up for the Australasia DigestSign UpHenry’s comments come after a torrid few months for copper, a barometer of economic activity because of its varied applications from construction to electricity transmission. While miners and banks are almost uniformly bullish on the metal’s long-term prospects because of its role in clean energy, prices have dropped by about 30% from the record high hit in March as growth has faltered in the face of rising interest rates. Read more:
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