Copper Smelter Capacity to Expand by 3.5% Per Annum: ICSG
The International Copper Study Group (ICSG) announced publication of the new edition of its Directory of Copper Mines and Plants. The directory provides facility-by-facility production capacities across the globe and country wise capacity summary through 2021. It also provides information with regards to new projects and expansions that are likely to come up over the next decade.
According to ICSG, the annual copper mine capacity is expected to grow at 2.2% per annum on an average through 2021. The growth will witness huge spike from 0.5% in 2018-’19 to 4% in 2020-’21, as more projects and expansions become online. Concentrates are likely to account for 85% of the global mine capacity growth during this period. Ramp-up and expansions of currently operating mines will account for nearly one-third of the world capacity growth. 56% of the growth will come from mines currently under development, whereas the remaining 13% from projects currently under feasibility.
The study group foresees annual copper smelter capacity to grow at an average rate of nearly 3.5% per annum. The Chinese copper smelting capacity is expected to increase further by 3% by 2021.
The annual copper refinery capacity is projected to grow at average rate of around 3% per year through 2021. Nearly 90% of the growth in global refined capacity is expected to come from electrolytic refineries. The primary contributor to the growth will be China, followed by India and the Democratic Republic of Congo (DRC).