London 25/07/2016 - Annual global copper mine production capacity is expected to grow at around four percent per year to reach 26.5 million tonnes per year in 2019, an increase of around 3.9 million tonnes (up 17 percent) from 2015 levels, according to a release from the International Copper Study Group (ICSG).
Concentrates production capacity will represent 83 percent of the growth (3.2 million tonnes) and SX-EW capacity 17 percent (670,000 tonnes), ICSG said.
Compared with the group's December 2015 forecast, anticipated annual mine production capacity for 2018 and 2019 has been revised downwards by around 200,000 tonnes and 500,000 t respectively, owing mainly to continued delays for many projects.
Peru is projected to account for 25 percent of the additional capacity from new mine projects and expansions through 2019, followed by Zambia, the Democratic Republic of the Congo (DRC), China and Mexico. Together these five countries will represent 65 percent of the world growth, ICSG said.
"Projects are also being planned in countries that currently do not mine copper, including Afghanistan, Ecuador, Ethiopia, Fiji, Greece, Israel, Panama, Sudan and Thailand," ICSG said.
"By 2019, total expected copper production capacity from projects starting in these new copper mining countries could reach 330,000 tonnes per year, and capacity could continue to increase well above 1 million tonnes per year if projects under evaluation in these countries are developed," it added.
Annual copper smelter capacity growth is projected to lag behind the growth in concentrate capacity, increasing by almost three percent per year to reach 22.8 million tonnes per year in 2019, an increase of 2.4 million tonnes (12 percent) from in 2015.
"Although at a slower pace, China is continuing to expand its smelting capacity and will account for 65 percent of the expected world growth through 2019. China’s copper smelting capacity quintupled in the period 2000-2015 increasing by around 4.7 million tonnes per year and is expected to increase by a further 1.5 million tonnes by 2019," the report said.
Elsewhere, a new copper smelter started last year in Zambia, while others are expected to be built in India, Indonesia, Iran, Kazakhstan, Mexico and Mongolia.