Chile, one of the world’s great suppliers of battery metals, is struggling to output copper.
A chart shared by investors on Twitter suggests Chile posted the lowest monthy production of copper in 6-years.
The chart suggests local miners there are struggling to get enough supply to the market, which was later confirmed by mining giant Codelco. They suggested the output woes of 2022 will get worse in 2023, as it works to uncover more deposits – after decades of underinvestment.
The supply of copper is completely crucial to the investment needed in wind and solar energy as well as new grid electricity infrastructure for the world to meet ambitious climate goals.
“It has been a complex year in terms of production, costs and surplus generation, which has challenged us to find ways to improve our future performance,” chief executive officer Andre Sougarret told reporters in Santiago Friday.
The world faces severe copper supply issues in the medium and long-term future