MTECHTIPS;-Global Copper Mined Production Down 3% This Year

MTECHTIPS;-Global Copper Mined Production Down 3% This Year

MTECHTIPS-Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10% (220,000 t Cu) decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing. A 14% decline in Indonesian concentrate production as output was constrained by a temporary ban on concentrate exports that started in January and ended in April. A 11% decline in the United States production mainly due to lower ore grades, reduced mining rates and unfavorable weather conditions at the beginning of the year. However these reductions in output were partially offset by a 11% and 6% rise in Mexican (concentrate and SX-EW) and Peruvian (concentrate) output, respectively, with both countries benefiting from new and expanded capacity that was not yet fully available in the same period of last year. World refined production is estimated to have remained essentially
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