Copper is one of the most versatile and essential metals in today’s world. With applications ranging from electrical wiring to renewable energy infrastructure, its demand remains robust.
Some important highlights for the copper mining industry during 2023:
– Chile remains as the world copper leader producer.
– DRC became the second world largest copper producer for 2023, displacing Peru from the location it held for many years.
– New projects that started in the previous years have increased their copper production for 2023 obtaining strong copper production marks. Among these we have Quellaveco (Peru) and Kamoa-Kalula (DRC).
– The shutdown of the Cobre Panama mine, the tenth biggest copper mine for 2023, located in Panama.
Refined copper consumption will be supported by demand from sectors linked to the energy transition. Some of its uses are listed below:
– To help connect batteries to electric vehicle (EV) powertrains
– For use in electric motors in the EV charging infrastructure
– Solar energy and wind power applications
World copper demand is expected to grow at a steady rate of 1.5% per year. Therefore, to catch up with these estimated requirements, new mines are required to be developed. There are several world-class copper deposits around the world like: Pebble, Resolution, Udokan, Reko Diq, La Granja, Tampakan, El Pachon, Los Azules, Taca Taca, Cascabel, Baimskaya, Vizcachitas, Michiquillay, Rio Blanco, Galore Creek, among others.
Credits to Manuel Montenegro
