ICSG Announced Publication of World Copper Factbook 2022

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) announced publication of ‘The World Copper Factbook 2022’, which provides deep insights into the copper market trends across the world.

According to preliminary figures, global copper mine production reached 21.2 million tonnes during the previous year. Chile emerged as the largest producer of mined copper, registering an output of 5.6 million tonnes. It was followed by Peru, China, DRC and the U.S. The smelter production totalled 21.4 million tonnes in 2021. Meantime, the copper smelter production surged to hit 24.8 million tonnes, China being the largest producer.

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The refined copper usage totalled 25.3 million tonnes in 2021. The largest consumer was China, which recorded apparent usage of around 13.9 million tonnes during the year. The copper mining capacity is expected to touch 31.2 million tonnes in 2026, significantly higher by 14.2% than the global copper capacity of 26 million tonnes recorded in 2021. The top three copper mines by capacity were Escondida, Chile; Grasberg, Indonesia and Collahuasi, Chile.

The United States Geological Survey (USGS) estimates suggest copper reserves of around 880 million tonnes (Mt) in 2021. Meantime, the identified and undiscovered copper resources were estimated at around 2,100 Mt and 3,500 Mt, respectively.