Global copper mine production will see steady growth over the next few years, as a number of new projects and expansions come online, supported by rising copper prices and demand, Fitch Solutions forecasts in a new report.
Fitch analysts predict global copper mine production to increase by an average annual rate of 3.1% over 2020-2029, with total output rising from 20.3 to 26.8 million tonnes over the same period.
In 2020, Fitch forecasts Chile to increase production modestly by 0.5% to 5.89 million tonnes. Growth will be led by the ramp-up of BHP’s Spence Growth Option over H2 2020, increasing production at Lundin Mining’s Candelaria mine and a rebound in production from mines hampered by heavy rains in the beginning of 2019.
Fitch says these developments will outweigh the declines in production from Antofagasta’s Centinela operation due to lower ore grades and from Teck Resources’ Quebrada Blanca.
Downside risks to production will stem from declining ore grades across the country, unfavourable climate, protests that hamper supply chain operations and union strikes, analysts predict.
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