Global Industry Overview - Copper: Strong Project Pipelines In Key Countries To Drive Long-Term Growth - NOV 2017
BMI View: Global copper production growth will accelerate over the coming years as rising prices encourage project development.
Global copper mine production will experience steady growth over our forecast period to 2021, supported by markets with low operating costs and improving copper prices. We forecast global copper production to increase by an average annual rate of 3.4% over 2017-2021 as a number of major projects come online. In terms of volume, we expect global copper output to climb from 19.5mnt in 2017 to 22.9mnt by 2021. While our growth forecast for 2017 reflects a slower pace of 0.4% than the previous forecast of 3.2% following a downward revision to Chile's copper production forecast, strong project pipelines in key countries such as Australia and Peru will support long-term global production growth to 2021.
|Global Copper Mine Production ('000 tonnes) & Growth (% y-o-y)|
|f = BMI forecast. Source: National sources, USGS, BMI|