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The International Energy Agency projects a copper supply gap of around 30% by 2035, influenced by China's control over mineral refining. The global capacity outside China can only meet half the demand for battery metals.

UBS anticipates copper prices will rise to $15,000 per ton by March 2027 and has raised its 2026 supply deficit forecast to 520,000 tons. Axo Copper's La Huerta project in Mexico shows promising drill results, while Mogotes Metals is developing projects in Argentina and Chile, particularly the Filo Sur project.