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.
