Global copper mine production rose a marginal 3.2% to 19.86 million tonnes (mnt) over January-November, 2022 against 19.24 mnt seen in the same period last year, as per the International Copper Study Group (ICSG).
ICSG released preliminary data for the first 11 months (January-November) of 2022. Its report provides information on the global copper supply, demand and production aspects.
World’s copper mine production slightly up y-o-y
The world’s copper mine production increased by about 3.2% to 19.86 mnt in the first 11 months of 2022, against 19.24 mnt recorded in the same period last year, as per the release. Out of this, concentrate production increasing by around 2.7% and solvent extraction-electrowinning (SX-EW) by about 5.3% on a y-o-y basis.
However, due to Covid restrictions in the initial months of 2022, mine output in several countries remained limited. Nonetheless, additional production at new or expanded mines contributed to the rise in global production volumes, especially from the Democratic Republic of Congo and Indonesia.
In contrast, production in Chile, the world’s largest copper mine producing country, was down by 6% to 0.3 mnt with concentrate production falling by 8% while SX-EW output remained largely unchanged. Mining activity in the county continued to be impacted by Covid, operational issues, lower grades and reduced water supply due to a drought.
World’s refined copper production up y-o-y
Global refined copper production increased to 23.48 mnt from 22.71 mnt in the first 11 months of 2022. Primary production (electrolytic and electrowinning from ores) was up by 4% to 19.65 mnt and secondary production (from scrap) was up by 1% to 3.83 mnt.
Global refined copper stocks
The study further revealed that the world’s refined copper stocks in end-November stood at 1.339 mnt, a sharp hike of 10% from 1.213 mnt in the corresponding period last year.
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