Global copper mine production increased by 3.1% in H1CY'24, with concentrate output rising by 2% and solvent extraction-electrowinning expanding by 7%.
In H1CY'24, global mine production benefited from a recovery from 2023's production constraints in Chile, Indonesia, and the US, along with additional output from ramping up mine projects, particularly in the Democratic Republic of Congo (DRC). Chile's copper production increased by 2.4%, with concentrate output up 2.5%, although overall production remained 4.5% below the average first-half level of the last five years. The DRC's output grew by 8.5%, driven by the expansion of the Kamoa mine and new or expanded capacity at other smaller mines.
In Peru, copper mine output declined by 2% due to lower production levels at several major mines, while Indonesian output surged by 33%, recovering from disruptions caused by significant rainfall and landslides at the Grasberg and Batu Hijau mines in early 2023. The US saw a 10% 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.
Refined copper production
Global refined copper production increased by about 6.2% in H1CY'24. This growth was mainly driven by strong performances in China and DRC, due to expanded capacity. Together, these two countries now account for approximately 53% of global refined copper production. Chinese refined copper production is estimated to have risen by around 7%, supported by the start-up and expansion of several primary and secondary smelters and refineries.
In the DRC, refined copper production grew by 12%, largely due to the ongoing ramp-up of new and expanded electrowinning plants. Chilean refined copper production overall remained steady, with a 4% decline in electrolytic production offset by a 2% increase in electrowinning (SX-EW) output.
Copper stocks
China's bonded copper stocks are estimated to have increased by about 85,000 tonnes (t) in H1CY'24 compared to the end of 2023. By the end of July 2024, copper stocks at major exchanges (LME, COMEX, SHFE) totalled 559,984 t, up 162% from December 2023 levels. The LME saw an increase of 79,450 t, and SHFE stocks rose by 270,298 t, while COMEX stocks decreased by 3,614 t.
