Fitch: Copper Output at Mines to Increase 7.8% This Year

Published: Oct 26, 2021 16:24 (GMT+8)

Save

According to MiningWeekly, Fitch Solutions predicts that the copper output at global mines will increase 7.8% this year compared to last year due to the commissioning of multiple new projects and the low base in 2020 driven by the Covid-19 pandemic.

SHANGHAI, Oct 26 (SMM) – According to MiningWeekly, Fitch Solutions predicts that the copper output at global mines will increase 7.8% this year compared to last year due to the commissioning of multiple new projects and the low base in 2020 driven by the Covid-19 pandemic.

The research company said that the forecast for 2021 is mainly based on the expansion project of BHP’s Spence copper mine which commenced production in December 2020.

It is estimated that from 2021 to 2030, the annual copper output of global mines will increase from 20.2 million mt to 29.4 million mt, with an average annual growth rate of 3.8%.

Fitch predicts that from 2021 to 2030, the average annual growth rate of copper production at China's mines will drop to 1.3%, compared with 6.6% in the previous 10 years. Declining copper mine grades and delayed production expansion are the main reasons for the slowdown in production growth. However, due to the commissioning of new projects, China's domestic production will continue to grow.

copper output

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Vedanta Eyes $2.3B Copper Expansion, Tuticorin Smelter Restart

Vedanta Copper targets 1 million tonnes/year of copper production across India and Saudi Arabia by the end of the decade, with a proposed Tuticorin smelter restart central to its domestic expansion plans.

1 hour ago

3 hours ago

【Flash | Adanac Technical Report Outlines Long-Life Primary Molybdenum Supply】

EraNova Metals filed an NI 43-101 PEA technical report for its 100%-owned Adanac molybdenum project in Canada. The report confirms the August 6 results without material differences. The proposed 30,000-tpd operation has a 24-year mine life and targets average annual molybdenum output of 11.4 million lb (about 5,171 tonnes), with 270.1 million lb (about 122,515 tonnes) of payable molybdenum over the mine life. Initial capital is estimated at C$953.3 million. EraNova plans to initiate a feasibility study and advance environmental assessment and permitting. The PEA remains preliminary, with no final investment decision or production schedule.

3 hours ago

4 hours ago

【Flash | Malmbjerg Field Work Advances Detailed Engineering and Procurement】

Greenland Resources completed its expanded summer field program at the Malmbjerg molybdenum project. Work covered infrastructure surveys, glacier investigations, RopeCon optimisation and geotechnical inspections. The team also collected 8 tonnes of drill core and 14 tonnes of saline and fresh water for government-supported metallurgical pilot testing. Results will support detailed engineering, key-equipment procurement and construction contracts. On a 100% basis, the feasibility study targets average output of 32.8 million lb (about 14,878 tonnes) of contained molybdenum annually during the first ten years. This remains planned capacity; no final investment or construction decision was announced.

4 hours ago