(Bloomberg) -- In order to fill a potential supply gap of 8 million tons by 2034, mining companies need prices that are higher than $10,000 a ton and possibly as high as $12,000, says Trafigura Group Chief Executive Officer Jeremy Weir.

Weir made his comments Tuesday during a presentation at the CRU World Copper Conference in Santiago, where the copper industry is gathering for one of the industry’s biggest annual events.

--With assistance from Jack Farchy.

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