Rio Tinto copper head sees supplies running short by 2020s

Apr. 11, 2018 12:18 PM ETRio Tinto Group (RIO)RIO, JJCTF, CPER, CUPMBy: Carl Surran, SA News Editor2 Comments
  • The copper market will slip into a deficit in the 2020s after being in balance for rest of this decade, as technological change drives demand for copper and its byproducts, Rio Tinto’s (RIO +0.8%) copper chief says.
  • “Tightening supply and solid demand are combining to produce a positive pricing environment," says Arnaud Soirat, Rio's head of copper and diamonds.
  • Chile, the biggest copper producing country, and the mining industry have a challenge to meet demand, Soirat says, as the world transitions to electric vehicles and a more electrified economy.
  • LME copper rose 31% in 2017 but has struggled to maintain gains this year, reflecting the realization that increased consumption from new technologies such as electric vehicles is still in the future.

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