No 1 source of global mining news and opinion
The copper market continues to be challenged by supply issues, with two large mines in Chile hit by strikes.
Yet the US Geological Survey reports supply from copper mines in 2023 amounted to only 22 million tonnes. If the copper supply doesn’t grow this year, we are possibly looking at a 6Mt deficit. Chile and Peru, the top copper-producing countries, are grappling with labor strikes and protests, compounded by declining ore grades. Russia, ranked seventh in copper production, faces an expected decline due to the ongoing war in Ukraine. Despite efforts by miners to ramp up production, many analysts anticipate a widening supply imbalance.
“A decline in ore grade results in higher operating costs due primarily to the amount and depth of material required to be mined and processed to produce the same amount of copper product. It is no surprise that both GHG emission intensity and energy intensity increase as ore grade decreases. There is a point of inflection, where below an ore grade of around 0.5% copper, the intensity of both metrics rises sharply.
Without new capital investments, Commodities Research Unit predicts global copper mine production will drop to below 12Mt by 2034, leading to a supply shortfall of more than 15Mt. Over 200 copper mines are expected to run out of ore before 2035, with not enough new mines in the pipeline to take their place.
Freeport McMoran saw lower second-quarter output of 1.037 billion pounds compared to the year-ago quarter of 1.067Blbs, but higher first-half production of 2.122Blbs compared to H1 2023’s 2.031Blbs. Quarterly copper production from Freeport’s North American mines was down for both time periods. Friedland produced a surprising statistic, that humanity must mine more copper in the next 20 years than we have in human history to meet surging global demand on the back of the energy transition.
Second, they can expand their mines laterally, going after resources that weren’t part of the initial mine plan because they were less accessible, or un-economic. Despite the market’s recognition of copper’s role in the future economy and increasing supply tightness, Crux Investor says A growing proportion of mining projects are in remote areas of developing economies where there’s little to no existing infrastructure.
Copper-gold porphyries include Copper Mountain, New Afton, Mount Milligan, Woodjam, Kwanika and Kemess. Teck’s Highland Valley is the biggest open-pit mine in Canada. Kodiak Copper, through a unique combination of advanced modern technology and old fashioned ‘boots on the ground’ exploration and prospecting offers significant exposure to copper and gold.
Junior Resource Company valuations are low and Kodiak Copper MPD Project has all the hallmarks of a major copper/gold porphyry system with the potential to become a world class mine.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today in History: August 5, Nelson Mandela arrested1861: First U.S. income tax levied 1957: 'American Bandstand' debuts 2010: Chilean miners trapped
Read more »
This quick-cooking Chilean sauté of beef and summer produce is comforting yet lightThe Chilean comfort food tomaticán matches sweet, summery tomatoes and corn with savory beef and onions. Though it sometimes is referred to as a stew, it actually is a quick-cooking skillet dish perfect for a weeknight dinner.
Read more »
Chilean fuel-to-forestry giant Copec explores green hydrogen, copper optionsNo 1 source of global mining news and opinion
Read more »
Chilean fuel-to-forestry giant Copec explores green hydrogen, copper optionsNo 1 source of global mining news and opinion
Read more »
Chinese-Chilean table tennis player makes Olympics debut at age 58 in the Paris GamesTable tennis player Zeng Zhiying left China in 1989, the same year of the Tiananmen Square massacre, to teach the sport in northern Chile. Fast-forward 35 years, she will debut in the Olympic Games at age 58 under the name she adopted in the South American nation: Tania.
Read more »
Chinese-Chilean table tennis player makes Olympics debut at age 58 in the Paris GamesTable tennis player Zeng Zhiying left China in 1989, the same year of the Tiananmen Square massacre, to teach the sport in northern Chile
Read more »