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GlobalData: Global Copper Mining to 2023 – coronavirus impact

Published by , Editorial Assistant
Global Mining Review,

Global copper production in 2020 is expected to be impacted by the coronavirus (COVID-19) outbreak. After declining by 1.9% in 2019 to 20.6 million t due to lower ore grades and production disruptions, copper production was initially expected to grow by 3.4% in 2020 due to an anticipated increase in production from Chile, China and Peru.

However, with falling demand and ongoing disruption to mining activities due to lockdowns, this has been reduced to just 1.9% – with production of 21Mt in 2020. The ongoing disruptions will be offset by production from the Cobre Panama and Grasberg mines.

Vinneth Bajaj, Senior Mining Analyst at GlobalData, said: "Production growth in China is forecast to be around 6%, which is down from the 9.6% forecasted before the outbreak. Lockdowns in Chile and Peru will reduce the output in two markets that currently account for 40% of the global supply. Production in Chile is forecast to grow by 0.3% and in Peru by 2% – compared with a 1.4% decline and 2.6% growth respectively in 2019. There is also expected to be a slowdown in development of new projects."

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