Will Global Copper Ore Supply in Deficit as Mining Giants Facing Output Challenges?

Published: Mar 28, 2023 11:30

Source: SMM

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In 2023, the capacity of Kamoa Copper Mine, Tibet Dragon and Quellaveco Copper Mine will continue to be released, bringing an output increase of 100,000 mt, 50,000 mt, and 210,000 mt respectively.

SHANGHAI, Mar 28 – In 2023, the capacity of Kamoa Copper Mine, Tibet Dragon and Quellaveco Copper Mine will continue to be released, bringing an output increase of 100,000 mt, 50,000 mt, and 210,000 mt respectively. Southern Copper will also put into operation two small mines in Mexico, with the cumulative production capacity is 55,000 mt.

According to the 2023 production guidance of the top 10 mining companies, it can be seen that except for Freeport, which did not give production guidance, the copper ore output of other companies in 2023 will increase compared with 2022.

Among them, output at Zijin Mining and Anglo American Resources will increase significantly.

Overall, the output of the world's top 10 mining companies is expected to increase by 400,000 mt to 1.09 million mt in 2023 compared with 2022. At the same time, Chile's Quebrada Blanca Phase 2 copper mine is about to be officially put into production, which is expected to bring an increase of 180,000 mt in 2023. Chuquicamata underground copper mine will also grow output by 55,000 mt in 2023.

It can be seen from this that in 2023, the copper ore output of the world's major mining companies will maintain significant growth, and the global supply of copper ore will be abundant.

Market Output

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