Global refined copper production rises over 5% in Jan-Jul'24: ICSG

• Capacity expansions in China, DRC drive growth in refined copper production
  
  
• Global copper mine yield rises amid recovery in output in Chile, Indonesia, US
  
  

The International Copper Study Group (ICSG) recently unveiled preliminary figures showing that global refined copper production increased by about 5.8% in the first seven months of 2024 (January-July 2024), with both primary (electrolytic and electrowinning from ores) and secondary production (from scrap) up by 6%.

The growth in refined copper output was mainly driven by strong performances in China and the Democratic Republic of Congo (DRC) due to expanded capacity. Together, these two countries now account for approximately 54% of global refined copper production. Chinese refined copper production is estimated to have risen by around 7%, supported by the initiation and expansion of several primary and secondary smelters and refineries.

Global refined copper production shows regional variations

In the DRC, production rose 18%, while Chile saw a drop of 6.6%, and the European Union (EU) experienced a decrease of 3%. Japan's production increased by 3.6%, while the United States (US) recorded a significant growth of 14%. Secondary production from scrap rose 5%, driven primarily by strong gains in China.

Copper mine output improves

Global copper mine production grew 3% in the first seven months of 2024, with concentrate output increasing by 2% and solvent extraction-electrowinning rising 6%.

From January to July, global mine production saw improvements due to a recovery from 2023's production constraints in Chile, Indonesia, and the US, as well as increased output from ramping up projects, especially in the DRC. Chile's copper production rose 2.3%, with concentrate output up by 6%. Meanwhile, the DRC experienced a 12% increase in output, fuelled by the expansion of the Kamoa mine and enhancements at several smaller mines.

In Peru, copper mine output declined 2.3% due to lower production levels at several major mines, while Indonesian output surged 25%, recovering from operational constraints at the Grasberg and Batu Hijau mines in early 2023. The US saw an 8% increase in output, primarily due to a recovery from reduced production in the first half of the previous year.

Production at the Cobre Panama mine was suspended in November 2023, resulting in no copper output from Panama during this period.

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