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Preliminary data indicates that world mine production declined by about 0.5% in the first eight months of 2019.

 

 

 

Production has fallen in:

  • Chile, the world’s biggest copper mine producing country, declined by 0.5% mainly due to lower copper head grades and a few production disruptions that occurred early in the year;
  • Indonesian, output declined by 51% as a consequence of the transition of the country’s major two mines to different ore zonesleading to temporarily reduced output levels;
  • RDC (Democratic Republic of Congo) e Zambia, after growth of 13% in 2018, the output declined by 2%, as consequence of temporary suspensions at SX-EW mines;
  • Asia (in calo del 7%), Africa (-1,2%) ed Europe (-2,5%).

Production increased in:

  • Australia, China, Mexico, Perù e Usa, increased due to improved grades and recovery from constrained output in 2018;
  • Panama started mining copper earlier this year, with the commissioning of the Cobre de Panama mine, and is the biggest contributor to world mine production growth in the first eight months of 2019;
  • North America (3,6%), Latin America (+1,3%), Oceania (+8%).

Preliminary data indicates that world refined production remained essentially unchanged in the first eight months of 2019 with primary production (electrolytic and electrowinning) declining by 0.3% and secondary production (from scrap) increasing by 1.8%.

A 32% decrease in Chilean electrolytic refined output due to temporary smelter shutdowns whilst undergoing upgrades to
comply with new environmental regulations. Total Chilean refined production (including Electrowinning) declined by 12%. A 33% decrease in Zambian refined output due to power supply interruptions, smelter outages and temporary shutdown and the introduction on 1st January 2019 of a 5% custom duty on copper concentrate imports constraining smelter feed. A decline of 25% in India’s production which was negatively impacted by the shutdown of Vedanta’s Tuticorin smelter in April 2018.

Reduced output in Japan, Peru, the United States and a few European countries due to smelter maintenance shutdowns.

Finally, the balance sheet for the first eight months shows a copper deficit of approximately 330,000 tonnes.