Cobre Panama's closure and unexpected operational disruption forced copper mining companies to cut production, resulting in a sudden reduction in expected supply of about 600,000 tonnes, shifting the market from an expected large surplus to a balanced or even a shortage.
The next few years were supposed to be a bumper time for copper, thanks to a series of new mega projects starting up around the world.
Most in the industry expect the industry to post a sizable surplus until the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure is expected to clash with a dearth of new mines.
Instead, the mining industry highlights the fragility of supply - whether due to political and social opposition, the difficulty of developing new businesses, or simply the daily challenge of extracting rock from deep underground.
