The International Copper Study Group (ICSG) has released preliminary data for world’s copper output for the first nine months (January-September) of 2022.
World’s copper mine production up y-o-y
Global copper mine production increased by 3.5% to 16.14 million tonnes (mnt) in January-September 2022 compared to 15.61 mnt in the same period last year. Concentrate production increased by 3.1% y-o-y and solvent extraction-electrowinning (SX-EW) rose by 5%. However, due to Covid restrictions in the initial months of 2022, mine output in several countries remained limited. Nevertheless, additional production at new or expanded mines contributed to the rise in global production volumes.
Interestingly, the largest copper producer Chile saw a 6.7% y-o-y decline in production volumes with concentrate output falling by 9% whereas SX-EW output increasing by a marginal 1%. Mining activity in the county remained impacted by Covid, operational issues, lower grades and reduced water supply due to a drought.
World’s refined copper production rises y-o-y
World’s refined copper output went up by 2.3% in January-September 2022 to 19 mnt vis-a-vis 18.57 mnt in the same period last year. Out of this, primary production (electrolytic and electrowinning from ores) stood at 15.9 mnt, up 2.7% and secondary production (from the scrap) at 3.09 mnt, up 0.3%.
Global refined copper stocks
As per data shown in the report, world’s refined copper stocks in end-September stood at 1.33 mnt, a marginal hike of 2% from 1.31 mnt in the corresponding period last year.
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