South Africa’s Metorex predicts a strong demand and higher prices for copper due to robust demand from India and China.
Demand for copper has rebounded and boosted prices, encouraging producers to increase production.
Metorex chief executive Terence Goodlace said over time supply will be stressed, and while new projects will take time to come online there will be a growth in demand.
Goodlace added the company is on track to start developing projects in Congo and would start mining for higher-grade copper at its Chibuluma mine in Zambia to increase the group’s total copper output.
The company will reach full production at its Ruashi mine in Congo next year, Goodlace said.
Metorex said the group’s total copper production climbed 60% to 50,051t in the year to end-June compared with the previous year.