BASE METALS

Copper production from majors falling

COPPER output from the world’s top 15 producers fell in the March quarter, according to S&P Global Market Intelligence.

Staff reporter
Copper production from majors falling

Only one third of the 15 - BHP, Zijin Mining, KAZ Minerals, Norilsk Nickel and Anglo American - reported positive production growth for the first three months of 2018.

As a result, the top 15 companies' quarter-over-quarter production fell by 136,548 tonnes, or 4.8%.

However, on year-on-year basis, production rose by 14.8%, or 345,725t, over the period, though the result was skewed by the interruptions at Escondida and Grasberg in the first quarter of 2017.

Escondida produced 322,000t in the March 2018 quarter, compared to just 94,900t in the previous corresponding period.

Grasberg's year-on-year output doubled to 311 million pounds in the March quarter.

Glencore recorded a 6.6% year-on-year increase in copper output due to the commissioning of the phase one Kamoto whole ore leach project in the Democratic Republic of Congo.

Along with BHP, Norilsk was the only other company to post quarterly and annual increases in copper output.

The five companies to report both year-on-year and quarter-on-quarter declines in copper production: MMG, Grupo Mexico, Antofagasta, Vale and KGHM.

According to the International Copper Study Group's latest figures released this week, global copper mine production increased by around 4.8% in the first two months of 2018.

World apparent usage is estimated to have increased by around 3.9% over the same period, and the world refined copper balance indicated a surplus of around 110,000t.  

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.