According to the International Copper Study Group (ICSG) preliminary data reveals that global mine copper output slid by a margin of 1.4% in 1H19. The decline was fueled by a slide in output in Chile and Indonesia offsetting growth in other key producing nations. Chile’s productions ebbed lower by 2.5% on the back of lower copper ore grades while Indonesia’s concentrate production was a steep 55% down as it’s two key mines transition to different ore zones leading to temporarily reduced output levels.
Other growth drivers in half year were Zambia and the Democratic Republic of Congo whose combined put remained flat at 13% the same as a year ago. Production in Peru (the world’s second largest copper mine producing country), Australia, China and Mongolia increased due to improved grades and recovery from constrained output in 2018.
BT