The copper market, 2014 to 2023
The International Copper Study Group has examined the development of the global copper market over a period of ten years.
(PresseBox) - In 2014, 18.4 million tons of copper were produced. In 2023, it was 22.4 million tons of copper. This means that copper production worldwide has grown by an average of 2.2% per year over the past ten years, including the pandemic years. Peru, Indonesia, the Democratic Republic of Congo, Panama, Kazakhstan, Mexico and Serbia have contributed the most to the increase in copper production. During the ten-year period, China's annual production of refined copper, i.e. the pure refined metal, rose from 7.6 million tons in 2014 to 11.9 million tons in 2023, while mining production in Chile fell, mainly because ore grades fell, and some mines reached the end of their lives. Over the ten-year period, the decline amounted to 24 percent. Less copper was also produced in Australia, Canada and the USA.
China is the dominant copper consumer, accounting for 58% of global consumption in 2023. This corresponds to around 11.7 million tons of the reddish metal. The processing industry and the construction sector in China account for around half of global copper consumption. Significant demand for copper is likely to come from China's transition to renewable energies. This is because wind and solar power plants consume a lot of copper. In addition, electromobility is booming in China. There are more than 80 kilograms of copper in a large electric car. Although the Chinese economy is currently weakening, which is also putting pressure on copper prices, the International Energy Agency nevertheless assumes that clean energy technologies will lead to a recovery in metal prices and, in particular, to a recovery in copper prices.
This should please Mogotes Metals - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ -. Active in Chile and Argentina, the Filo Sur copper project in the Vicuña district of Argentina is particularly important.
Meridian Mining - https://www.commodity-tv.com/ondemand/companies/profil/meridian-mining-uk-societas/ - owns copper, zinc, gold and silver in Brazil. The Cabaçal project boasts a very good preliminary economic assessment.
Current company information and press releases from Meridian Mining (- https://www.resource-capital.ch/en/companies/meridian-mining-uk-societas/ -) and Mogotes Metals (- https://www.resource-capital.ch/en/companies/mogotes-metals-inc/ -).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Unternehmensinformation / Kurzprofil:
Datum: 19.12.2024 - 09:11 Uhr
Sprache: Deutsch
News-ID 715510
Anzahl Zeichen: 4536
contact information:
Contact person: Jörg Schulte
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Kategorie:
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