According to a recent report published by Fitch Solutions, global copper production will see steady growth over the next few years. Fitch forecasts that annual production is expected to increase at an average annual rate of 3.5% from 2019 to 2028, with volume climbing from 21.4mt to 28.7mt during this period.
In Chile, the world’s top producer, copper production is estimated to grow by 4.0% year on year due to strong performance from the nation’s major mines as well as President Sebástian Piñera’s business-friendly policies.
Elsewhere, production growth in China is expected to lag compared to previous years, as low copper grades render a number of mines unprofitable. Chinese firms will continue to prioritize copper projects overseas for their low-cost nature.
Other notable markets mentioned in the report include Peru, USA and Congo, each with solid growth forecasts. More copper projects will come online within the next few years, with Australia and Canada dominating these new projects, according to the report.
