Chile’s state owned mining company Codelco, the world’s biggest copper producer, warned on Thursday that global shortages of the metal may reach eight million tonnes by 2032, as soaring demand continues to offset new projects numbers. Maximo Pacheco, chairman of the board of Codelco, said at an industry conference that while a surplus is expected in the short term due to new projects in Chile, Peru, the DRC and China’s Tibet region, medium to long-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 ... (full story)