New Delhi, July 27 -- Global primary copper supply could face a 25 per cent deficit by 2035 despite copper prices reaching record highs, as the pace of new project development remains inadequate, according to a report by the International Energy Agency (IEA).

The report said copper is one of the most strategically important metals and is widely used across sectors such as energy, transport, construction, data centres and defence.

However, the IEA noted that bringing new mining projects online remains a major challenge despite strong demand prospects.

"Based on the project pipeline, global primary copper supply could face a 25 per cent deficit in 2035 under today's policy settings," it noted.

According to the report, declining copper o...