Daily Newsletter

20 November 2023

Daily Newsletter

20 November 2023

Global copper supply in 2023 will be supported by increased output from the DRC, Peru, and Chile

Copper production in Chile is expected to be negatively impacted by weather conditions in H1 2023.

GlobalData November 17 2023

Global copper production is expected to increase by 4.8% to 22.6 million tonnes in 2023. The Democratic Republic of the Congo (DRC), Peru, and Chile will be the key contributors to the growth in global supply in 2023.

Freeport-McMoRan, BHP, Codelco, Glencore, and Grupo Mexico SAB de CV are the top copper-producing companies globally.

Meanwhile, Chile, Peru, the DRC, China, and the US are the top five copper-producing countries, collectively accounting for 46.9% of global copper production in 2022.

While production in the DRC will be supported by the increased output from the Kamoa Kakula and Tenke Fungurume mines, the increase in output from the Quellaveco Las Bambas Toquepala and Antapaccay projects will support production in Peru.

Meanwhile, copper production in Chile, the world’s largest producer, although affected by negative weather conditions during the first half (H1), is expected to recover and register an overall growth of around 3.2% to 5,503.6 kilotons in 2023 supported by mines recovering output declines during the rest of 2023.

Global copper production is expected to increase at a compound annual growth rate of 2.5% over the forecast period to reach 27.2 million tonnes in 2030.

Chile, Peru, and the US will remain the key contributors to this growth, supported by the start of new mines, as well as capacity expansions of existing projects over the outlook period.

AI and its growing role in driving efficiency in mining activities

The AI theme is extremely prominent in mining, with companies desperate to find new methods to improve productivity and minimize costs, while also finding new sources of minerals. AI is already playing a big role; however, its influence will only grow in the years to come. AI enables mining companies to use autonomous machinery and data to improve efficiency and productivity and reduce downtime. AI can help companies better understand the environment and terrain where exploitation is to begin.

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