Maximo Pacheco, chairman of the board of directors of Chile's National Copper Company (Codelco), recently warned that the copper market has changed significantly, according to the BNAmericas website. This year, the DRC has replaced Peru as the world's second largest copper producer. Pacheco made it clear that "the first place is Chile and the second is the DRC, which has overtaken Peru as the world's second largest copper producer".
Copper production in the DRC will reach 2.6 million tonnes this year, up 11% from 2022, according to the US Geological Survey. By comparison, Peru's output increase will be just 4 per cent, while Chile's will be 2 per cent. Ruben Arrieta, head of Wood Mackenzie, also pointed out at a seminar in Peru in the middle of this year that the DRC's copper production last year was close to Peru's, which in 2022 will produce 2.44 million tonnes.
This change not only highlights the strong growth of the DRC in the field of copper production, but also reflects the dynamic changes in the global copper market. Chile, as the world's largest copper producer, is still growing, but at a smaller rate. Peru and the DRC, on the other hand, as major copper producers, have seen their output grow at a greater rate.
The rise of the DRC has been fuelled by its abundant copper resources and increased mining investment in recent years. The significant growth in its production reflects the remarkable results of the country's investment and development in the mining sector. This has also raised market concerns about the supply/demand balance in the global copper market.
For market participants, this change means that greater attention needs to be paid to the dynamics of the global copper market, including factors such as production in producing countries, demand in demand countries and international trade policies. At the same time, also need to pay attention to environmental protection and sustainability issues, because copper mining on the environment can not be ignored.
[Source - Yangtze River Non-ferrous Network]
