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MTECHTIPS;-Copper Production Down 2.2% In First Eight Months Of 2017

Wednesday, November 22, 2017 2:28

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MTECHTIPS;-Copper Production Down 2.2% In First Eight Months Of 2017

MTECHTIPS-Copper mine production is estimated to have declined by around 2.2 percent in the first eight months of 2017, with concentrate production has declined by around 1.5 percent and solvent extraction-electrocuting (SX-EW) has also dropped by around 5 percent, according to preliminary data released by International Copper Study Group (ICSG). The decline in world mine production was mainly due to: A 5 percent decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at the Escondida mine and lower output from Codelco mines. A decline in Argentina, Canada and Mongolia concentrates production of 50 percent, 19 percent and 18 percent, respectively, mainly due to lower grades in planned mining sequencing and Argentina’s Lumberer mine approaching end of life. A 15 percent decline in Indonesian concentrate production as output was constrained by a temporary ban on concentrate exports that started in January and ended in April. A 11 percent decline in production in the United States mainly due to lower ore grades, reduced mining rates and unfavourable weather conditions at the beginning of the year. However these reductions in output were partially offset by 35 percent and 5 percent increases in Kazakhstan and Peruvian concentrate output, respectively, with both countries benefiting from new and expanded capacity that was not yet fully available in the same period of last year. Mexico, Myanmar, Spain and Sweden also contributed to world growth. On a regional basis, mine production is estimated to have declined in Africa by 1.5 percent, in the Americas by 4 percent and in Oceania by 2 percent while increasing in Asia by 1 percent and in Europe (including Russia) by 2 percent. World refined production is estimated to have remained essentially unchanged in the first eight months of 2017 with primary production (electrolytic and electrocuting) declining by 1.5 percent and secondary production (from scrap) increasing by 10 percent. Increased availability of scrap allowed world secondary refined production to increase, notably in China. The main contributor to growth in world refined production was China (increase of 6 percent), followed by India (8 percent) and some EU countries recovering from maintenance shutdowns in 2016. However, overall growth was offset by an 10 percent decline in Chile, the second largest refined copper producer, where both primary electrolytic refined production and electrocuting production declined. Production also declined in

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