MTECHTIPS;-Copper Mine Capacity Likely to Grow At Average Rate of 2%
MTECHTIPS;-Copper Mine Capacity Likely to Grow At Average Rate of 2% Per Year.
MTECHTIPS-Copper Study Group (ICSG) released a new edition of its biannual Directory of Copper Mines and Plants that provides global facility-by-facility production capacity and summary country capacity through 2021 recently. As per the report through 2021 annual copper mine capacity is likely to grow at an average rate of around 2% per year (%/yr). Lower growth of about 1% is expected in 2018/2019 as compared to a growth of 3% expected in 2020/2021 when more projects/expansions are planned to come on stream. Concentrates will represent around 80% of the total growth in world mine capacity until 2021. Global capacity from current operating mines is expected to remain essentially unchanged in the period 2018-2021 as growth originating through expansions will be offset by planned closures and lower ore grades. Continued delays in project development are shifting new capacity forward owing mainly to length of project permitting, opposition from local communities and budget/finance constraints. However, recently there has been a favorable trend in capital expenditure and project approval. There is increased interest in seabed copper exploration with projects being evaluated, the first of which is expected to start producing copper concentrates next year in the Bismarck Sea, off Papua New Guinea. Continued increase in capacity development linked to Chinese overseas investments. Through 2021 China, the Democratic Republic of the Congo (DRC), Iran, Panama, Peru, the United States and Zambia are expected to be the biggest contributors to the growth in world copper mine capacity. Through 2021 annual copper smelter capacity is likely to grow at an average rate of
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