Fitch: Mine copper output is expected to increase by 7.8% this year
Introduction: It is estimated that from 2021 to 2030, the annual output of global mine copper will increase from 20.2 million tons to 29.4 million tons, with an average annual growth rate of 3.8%.
According to MiningWeekly, the latest report of the Fitch Solutions national risk and industry research team predicts that due to the start of multiple new projects and the low base of the Covid-19 epidemic in 2020, the global mine copper output will increase this year compared to the previous year. 7.8%.
The research company said that the main results of the forecast for 2021 are mainly based on BHP Billiton’s Spence copper mine expansion project in December 2020.
The next few years will continue to grow strongly, mainly because some new construction and expansion projects have been put into operation driven by rising copper prices and rising demand, Fitch said.
It is estimated that from 2021 to 2030, the annual output of global mine copper will increase from 20.2 million tons to 29.4 million tons, with an average annual growth rate of 3.8%.
In Chile, the Fitch program pointed out that large mining companies such as BHP Billiton and Tektronix Resources will lead project development. The country’s good facilities, abundant resource reserves and long-term stable environment are important factors that attract these mining companies.
Fitch predicts that from 2021 to 2030, the average annual growth rate of copper production in 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.
Fitch maintains optimistic expectations for Peru copper production. Affected by the low base number last year and the commissioning of new projects, Peru’s copper production this year will increase by 20% over the previous year.
Due to the commissioning of a few new mines, Fitch expects that US copper production will increase by 10% this year from the previous year.
This year, Democratic Congo’s copper output has grown relatively strongly, with an expected growth rate of 6.9%, Fitch expects.
Link to this article：Fitch: Mine copper output is expected to increase by 7.8% this year
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