Copper production from the world’s ten most sensitive manufacturers fell by 3. 7% year-on-year in the last quarter of 2020, according to GlobalData, a UK-based knowledge analysis and advisory firm.
The locks in Chile, Peru and Mexico, adding to the closure of some of the world’s largest copper mines, were a key factor in the fall, whose overall production fell from 2. 7 Mt to 2. 6 Mt for the three-month period.
The biggest drop in the quarter-by-quarter was noticed in Glencore, where production fell by 13. 9% year-on-year due to declining ore laws and disruptions caused by the covid-19 outbreak, specifically at the Antamina mine, which also reduced BHP production.
“BHP’s lower mineral laws in Pampa Norte (Spence and Cerro Colorado mines), Antofagasta Sentinel concentrates, and kgHM Robinson and Franke mines decline rates were the main points driving the decline in production of primary manufacturers in today’s quarter,” GlobalData senior mining said. analyst Vinneth Bajaj.
The main operational mines that were closed as a result of the pandemic in significant periods at the time of the quarter come with Chuquicamata, Cobre Panamá, Antamina, Las Bambas and Cerro Verde. Developmental paintings were also stopped at the Los Pelambres and El Teniente mines.
Total copper production is expected to fall by 1. 5% this year to 20. 3 Mt, with steeper declines in Chile and Peru, to GlobalData.
Although Chile was not affected in the first place at the beginning of the quarter, since Codelco only had to stop the structure activities at the site in Chuquicamata and El Teniente, the accumulation in some cases led to increased staff tension and the transient closure of Chuquicamata in the As a result, production in Chile is expected to decline to 2. 3% in 2020.
“Although mining activities in Peru resumed in late May, Covid-19 restrictions disrupted the dynamics of several copper mines, Las Bambas, Constancia, Toromocho and Cerro Verde, and production in Peru is expected to decline by 7. 2% in 2020,” Bajaj adds. .