Billionaire warned of impending copper shortage

Billionaire and mining magnate Robert Friedland predicted that in the near future the world will face a serious copper shortage. This was reported by the publication Financial Times (FT).

According to him, the main reason for this will be growing geopolitical tension, which undermines the international order and disrupts global supply chains. Friedland noted that deteriorating relations between the US and China are making it more complicated and expensive for mining companies to purchase necessary equipment, leading to delays in project implementation.

He emphasized that negative consequences are already manifesting in the copper industry: delivery times are increasing, and the construction of new mines is becoming increasingly costly.

The publication also indicated that as a result, the price of copper - a metal widely used in various industrial sectors - has significantly increased recently. Last week it approached a record mark of over 11 thousand dollars per ton.

Friedland believes that the world is "on the verge of a serious copper shortage," which will manifest by the end of the current decade. However, the head of the Chilean state-owned copper mining company Codelco Maximo Pacheco is convinced that the shortage has already begun.