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top ten copper mines that stand to benefit in 2021 | kitco news

top ten copper mines that stand to benefit in 2021 | kitco news

Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won't come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.

Goldman Sachs is bullish. Its analysts say the current copper bull run could continue well into 2022, and the firm estimates that the metal is likely to hit $10,000 per tonne for only the second time in its history.

In 2020, copper production will drop. According to the industry experts, global copper supply will likely to fall by approximately 257,000 tonnes, a 1.2% decline compared to 2019, with most affected countries being Peru (14.5%), Australia (7.5%) and Mexico (4.5%).

However, the global copper mining industry is expected to increase copper output by 1.36Mt to 21.4Mt in 2021, with most of the growth coming from Peru (315,000t), Chile (175,000t), United States (112,000t) and China (82,000t).

Cochilco said that Chile - the worlds biggest copper producer - is expected to produce 5.82Mt this year, representing an increase of 0.6% compared to 2019. In 2021, production of copper in Chile could reach 5.99Mt. Strong portfolio of projects will contribute to the long-term copper output growth of up to 7Mt/year in Chile.

The following is the list of the top 10 largest copper mines in 2019 that will have a significant impact on the overall long-term state of the global copper industry, ranked by production. Five of them are located in Chile, three in Peru, one in the US and one in Mexico. These 10 mines produced more than quarter of last years total copper output.

Third largest copper mine is also in Chile. Codelcos El Teniente mine produced 460 ktonnes of copper and this volume was on par with output at Freeport-McMoRans Morenci mine in USA that jumped three positions up in the ranking.

Not all copper mines showed strong results in 2019. As expected, Grasberg copper-gold mine that was third largest copper operation in 2018, left the top 10 list in 2019. Production here dropped dramatically by 51% due to depletion of open-pit mining and transitioning to underground operations.

1. Escondida Chile. 1,158 kt.Named after the Spanish for hidden, Escondida is a copper mine located Atacama Desert in Northern Chile and is the worlds largest copper mine by output. Open since 1990, it is one of the deepest open-pit mines in the world. Escondida is majority owned and managed by BHP (57.5%), with Rio Tinto (30%) and Japan Escondida (12.5%) the other joint owners. The mine accounts for about 6% of global copper production. 2. Collahuasi Chile. 565 kt.Collahuasi, the second-largest copper operation in Chile and around the globe, is jointly owned by Anglo American (44%), Glencore (44%) and Mitsui (12%). The mine is located at high altitude between 3,000 and 5,000 metres above sea level. Most of the concentrate produced at Collahuasi is sold to smelters in China for further refining. 3. El Teniente Chile. 460 kt.El Teniente is currently the worlds largest underground copper mine and one of the largest by reserve size. It is located about 2,300 metres above sea level in the Andes of central Chile. Chilean state copper miner Codelco, which owns and operates El Teniente, plans to boost production at the mine to more than 500,000 tonnes per year by 2025. 4. Morenci USA. 460 kt.Located 16km south of Silver City, Arizona, Morenci is the largest copper mine in North America. It is jointly owned by Freeport and Sumitomo, with Freeport being the majority owner and operator. Last year production at the open-pit mine fell to 431,000 tonnes, a 7% drop from 2017. 5. Cerro Verde Peru. 455 kt.Another Freeport-owned mine, Cerro Verde is an open-pit copper and molybdenum mining complex located about 20 miles southwest of Arequipa, Peru. Apart from Freeport, other stakeholders of the mine are SMM Cerro Verde Netherlands, a subsidiary of Sumitomo Metal (21%), Compaia de Minas Buenaventura (19.58%), and public shareholders (5.86%). 6. Antamina Peru. 449 kt.The Antamina open-pit mine is located in the Andes mountain range, about 270 km north of Lima, Peru. It is jointly owned by BHP (33.75%), Glencore (33.75%), Teck Resources (22.5%) and Mitsubishi (10%). In addition to copper, Antamina is a source of silver, bismuth, molybdenum and lead. The mine is scheduled to cease production in 2019. 7. Buenavista Mexico. 438 kt.One of the largest copper mines in the world by reserve, Buenavista, also known as Cananea, is located approximately 35 km south of the US-Mexico border in Sonora state. Owned by Grupo Mexico, it is one of the oldest open-pit mines in North America. 8. Chuquicamata Chile. 385 kt.Chuquicamata, one of the largest open pit copper mines and the second deepest open-pit mine in the world, is located 1,650km north of Santiago, Chile. The mine, popularly known as Chuqui, has been operating since 1910. The century-old copper mine is owned and operated by Codelco and forms part of the companys Codelco Norte division, which includes the Radomiro Tomic (RT) mine found on the same mineralised system. 9. Las Bambas Peru. 383 kt.Las Bambas is a joint venture between Chinas MMG Ltd. and CITIC Metal Co. Ltd. The open-pit mine contains mineral reserves of 7.2 million tonnes and mineral resources of 12.6 million tonnes. MMG estimates that more than 2 million tonnes will be produced in concentrate in the coming years. 10. Los Pelambres Chile. 363 kt.Antofagastas Los Pelambres is a copper mine in Chiles Coquimbo region, 240 km north-east of Santiago. It produces copper concentrate (containing gold and silver) and molybdenum concentrate through a milling and flotation process. By Vladimir Basov For Kitco News Follow minesmetals [email protected] www.minesandmetals.com

1. Escondida Chile. 1,158 kt.Named after the Spanish for hidden, Escondida is a copper mine located Atacama Desert in Northern Chile and is the worlds largest copper mine by output. Open since 1990, it is one of the deepest open-pit mines in the world. Escondida is majority owned and managed by BHP (57.5%), with Rio Tinto (30%) and Japan Escondida (12.5%) the other joint owners. The mine accounts for about 6% of global copper production.

2. Collahuasi Chile. 565 kt.Collahuasi, the second-largest copper operation in Chile and around the globe, is jointly owned by Anglo American (44%), Glencore (44%) and Mitsui (12%). The mine is located at high altitude between 3,000 and 5,000 metres above sea level. Most of the concentrate produced at Collahuasi is sold to smelters in China for further refining.

3. El Teniente Chile. 460 kt.El Teniente is currently the worlds largest underground copper mine and one of the largest by reserve size. It is located about 2,300 metres above sea level in the Andes of central Chile. Chilean state copper miner Codelco, which owns and operates El Teniente, plans to boost production at the mine to more than 500,000 tonnes per year by 2025.

4. Morenci USA. 460 kt.Located 16km south of Silver City, Arizona, Morenci is the largest copper mine in North America. It is jointly owned by Freeport and Sumitomo, with Freeport being the majority owner and operator. Last year production at the open-pit mine fell to 431,000 tonnes, a 7% drop from 2017.

5. Cerro Verde Peru. 455 kt.Another Freeport-owned mine, Cerro Verde is an open-pit copper and molybdenum mining complex located about 20 miles southwest of Arequipa, Peru. Apart from Freeport, other stakeholders of the mine are SMM Cerro Verde Netherlands, a subsidiary of Sumitomo Metal (21%), Compaia de Minas Buenaventura (19.58%), and public shareholders (5.86%).

6. Antamina Peru. 449 kt.The Antamina open-pit mine is located in the Andes mountain range, about 270 km north of Lima, Peru. It is jointly owned by BHP (33.75%), Glencore (33.75%), Teck Resources (22.5%) and Mitsubishi (10%). In addition to copper, Antamina is a source of silver, bismuth, molybdenum and lead. The mine is scheduled to cease production in 2019.

7. Buenavista Mexico. 438 kt.One of the largest copper mines in the world by reserve, Buenavista, also known as Cananea, is located approximately 35 km south of the US-Mexico border in Sonora state. Owned by Grupo Mexico, it is one of the oldest open-pit mines in North America.

8. Chuquicamata Chile. 385 kt.Chuquicamata, one of the largest open pit copper mines and the second deepest open-pit mine in the world, is located 1,650km north of Santiago, Chile. The mine, popularly known as Chuqui, has been operating since 1910. The century-old copper mine is owned and operated by Codelco and forms part of the companys Codelco Norte division, which includes the Radomiro Tomic (RT) mine found on the same mineralised system.

9. Las Bambas Peru. 383 kt.Las Bambas is a joint venture between Chinas MMG Ltd. and CITIC Metal Co. Ltd. The open-pit mine contains mineral reserves of 7.2 million tonnes and mineral resources of 12.6 million tonnes. MMG estimates that more than 2 million tonnes will be produced in concentrate in the coming years.

10. Los Pelambres Chile. 363 kt.Antofagastas Los Pelambres is a copper mine in Chiles Coquimbo region, 240 km north-east of Santiago. It produces copper concentrate (containing gold and silver) and molybdenum concentrate through a milling and flotation process.

north america is about to get its largest copper mine | discover magazine

north america is about to get its largest copper mine | discover magazine

Copperis one of the most valuable metals on the planet. Sure, it lacks the cachet of gold, silver or platinum those are precious metals after all. Yet, without copper, the world as we know it would not operate. If you have electricity, you need copper.

This week,Rio TintoandBHP Billiton, one of the worlds largest mining companies,were given permission from the U.S. Forest Serviceto move ahead with theResolution prospect near Apache Leap in Arizona. This would become the largest copper mine in North America once the mine is operational in the 2020s.

The mine would also beone of the deepest in the world, boring down more than 2 kilometers (7,000 feet). The companies have already invested over $2 billion into the project, so you can imagine how much value the site has for the companies. Politically, it fits with thepresidents goal of resource independenceas well.

Thing is, copper isnt really that uncommon on Earth. If you took just the top one kilometer of the planets crust and crushed it all up, then sifted out the copper, youd end up with roughly 1014tons of copper. Thats over twice the mass of the asteroid Ida (in other words: a lot of copper!)

All that copper is not evenly distributed. The average concentration of copper is only ~50 parts per million. If you wanted to extract that copper from your average chunk of Earths crust, and make money doing it, well, youd be out of luck. Most copper mines need the metal to be concentrated to over a few percent in the average rock of the deposit.

How does that happen? Lots of ways. You can have copper in hot fluids that move around under volcanoes (known asporphyry deposits) or fromblack smokers on the ocean flooror even insedimentary rocks. Most of the time, these fluids will causeminerals like chalcopyrite, bornite, chalcocite, covellite and moreto form and theyre all copper rich.

Those copper deposits where you can make a profit extracting the metal are somewhat rare. Since 2010, theworlds largest copper producerhas been Chile, thanks to the abundant porphyry copper in the Andes. Chile produces almost twice as much copper as the number two country, Per. The other top countries include China, the US, the Democratic Republic of the Congo, Australia, Zambia and Indonesia.

The United States has a long heritage of copper production. Early U.S. copper was mined in Michigan, even before Europeans arrived. Huge deposits in places likeButte, Montana,Bingham, Utah, Yerington, Nevada (which is reopening) andMorenci, Arizonahelped drive the electrification of the country. Many of these mines have since closed, butthe American Southweststill produces a lot of copper.

Like most geologic resources,copper priceshave had their ups and downs. Prices were low during the 1980s, but after a peak of ~$4.40 per pound in 2011, copper is currently selling for ~$2.85 per pound.

So, if you want to open a copper mine in the United States, the higher cost of labor and permitting means you need one that has got lots of the metal. The Resolution prospect in Arizona is just that: a copper deposit that could supply a quarter of the countrys current copper demand.

But mines are also destructive to the environment, especially operations like copper mines. You need a lot of ore to get the copper when only a few percent of the rock is the metal you seek. The most effective way to get the rock is just to dig a big pit or a network of tunnels to get at the richest ore.

This has led to some of the largest man-made features on Earth, like the pits at Chuchiquamata or Collahausi in Chile. Resolution wouldnt be a new open pit mine because most of thecopper lies over 2 kilometers down, but lots of material from the mining would still make it to the surface.

On top of the destruction caused by the mining itself, there area lot of byproducts from copper mining. With copper comes sulfur these two elements love each other and most copper minerals used in mining are sulfides. So, when you mine and extract the copper, you get a lot of leftover sulfur that can get into the environment. This sulfur interacts with water to create sulfuric acid and that leads toacid mine drainage.

Some big copper mines have devastated the surrounding countryside due to acid mine drainage.Ducktown in Tennessee(see above) is a famous site still recovering from copper mining and smelting in the 1900s-60s. The Butte copper pit, once the mine closed, becameone of the first Superfund sitesthanks toa lake that filled the mine pit with a pH of ~2.5 so acidic it killed birds that landed on it.

Mining is also dangerous. The depth of the Resolution mine means that the actual mining will happen were the ambient temperature is between 76-82C (170-180F)! On top of that, underground mines can collapse like the2010 accident in the San Jos mine in Chile, trapping 39 men over 700 meters (2,300 feet) from the surface.

It can be easy to say that all mining is wrong. Yet, in order to live the lifestyles were are accustomed, we need raw materials from Earth. The question becomes: at what cost? Careful consideration of the impact of the mine and the resources that come from it, the recovery of the area after the mine closes and the treatment of the workers is required to make sure we are mining responsibility.

Many times, the dollar signs involved in mining mean that these considerations get ignored or repealed as government red tape. The damage that can be done to the environment and communities due to irresponsible mining can be immense. The potential opening of the Resolution prospect should remind all of us that we need to be vigilant about such development the demand might be there, but unfettered mining can be catastrophic.

new botswana copper mine to begin production in 2021

new botswana copper mine to begin production in 2021

Situated in the Kalahari Copper belt, which stretches from north east Botswana to western Namibia, the Khoemacau mine will be the only operational one in the diamond-rich country after two other copper mines were placed under liquidation.

Theminingsector, which provides a fifth of Botswanas GDP and 80% of foreign exchange earnings, is seen shrinking by almost a quarter this year but is forecast to rebound to growth of 14.4% next year on the back of a recovery in the diamond market and the new copper mine coming on stream.

Construction of the project reaches completion around the middle of 2021, and ramp up of production will occur from then through to the end of 2021, KhoemacauMiningcompany executive director John Munro said on Friday.

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