SMM12, March 10: so far, according to the United States Geological Survey (USGS) estimates, the global mine copper production has reached 700 million tons. At current copper prices, it is worth more than $4, 000bn, with an average annual output of about 21 million tonnes.
USGS estimates that the world's proven deposits contain about 2.1 billion tons of copper, of which porphyry copper deposits account for 1.8 billion tons. This brings the total amount of global copper resources to 2.8 billion tons. About 65% of the copper mines that have been discovered but not mined are in five countries, namely Chile, Australia, Peru, Mexico and the United States. The Mining.com website ranks the top 10 copper mines in the world that are currently under development based on proven and potential reserves, as follows:
No.1 Udokan-- Russia
With reserves of about 15 million tons, the mine is the largest undeveloped copper mine in Russia and one of the largest undeveloped copper mines in the world. The mine is currently developed by Baikal Mining Company, a mining company owned by Russian billionaire Alisher Usmanov.
No.2 Kamoa Kakula-- Congo
The copper mine is a high-grade copper project with reserves of 11.3 million tons and a target of 700000 tons of copper per year after complete production. The first phase is scheduled to go into production in early 2021. The project is owned by Ivanhoe Mining, China Zijin Mining and a joint venture of the Congolese government.
No.3 El Arco-- Mexico
The copper deposit is located in the El Arco deposit in Baja California and is held by Grupo M é xico, a branch of the Mexican Group. With reserves of 10.8 million tons, the project has the potential to produce 190000 tons of copper and 105000 ounces of gold a year. But for other reasons, the company is unlikely to invest in the project until 2025. Currently, the company is developing another project, the Tia Maria copper project.
No.4 Nueva Union-- Chile
Located in the Atacama region of Chile, with reserves of 8.2 million tons, the mine is one of the largest undeveloped copper, gold and molybdenum deposits in the Americas. Teck and Newmont Goldcorp each have half of the shares. In the five years after it was put into production, the annual output of copper could reach 224000 tons.
No.5 Quellaveco-- Peru
The Anglo-American Quellaveco copper project, located in the Mokegua region of Peru, has 7.6 million tons of copper reserves and is mined in an open pit. It will be put into production in 2022 and will produce 300000 tons of copper annually in the 10 years after it is put into production.
No.6 Frieda River-- Papua New Guinea
The mine is one of the largest undeveloped copper and gold deposits in the Asia-Pacific region and is controlled by Cobalt 27's Highlands Pacific and a Chinese company. The mine can be mined for 33 years, with copper reserves of 6.3 million tons, estimated copper production of 175000 tons and gold production of 230000 ounces.
No.7 Agua Rica-- Argentina
Located in Catamarca province in northwestern Argentina, the mine is jointly owned by Yamana Gold of Canada, Glencore of Switzerland and Newmont Goldcorp, the world's largest gold producer. This year, the companies have signed an agreement to use the infrastructure of existing companies to develop the project.
No.8 Wafi-Golpu-- Papua New Guinea
The project, located in Morobe Province, Papua New Guinea, has reserves of 4.9 million tons and can produce 150000 tons of copper and 320000 ounces of gold annually and is expected to peak in 2025. The project is jointly owned by Newcrest Mining and Harmony Gold of Australia.
No.9 Namosi- Fizi
The project is located in 4.9 million tons of copper reserves in (Namosi) and (Naitasiri), in Namo and Natashi provinces in Oceania. At present, the exploration is concentrated in (Waisoi) copper and gold deposit in Waisuoyi, and it is currently in the stage of pre-feasibility study.
No.10 Galeno-Peru
Galeno copper and gold mine project is in the feasibility study stage, located in the north of Cajamarca, copper reserves of about 3.3 million tons, jointly owned by China Minmetals Group and Jiangxi Copper Co., Ltd.
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