YoY production changes at the top mined copper producers in Q2’22 (000 tonnes)
YoY production changes at the top mined copper producers in H1’22 (million tonnes)[1]
Zijin News - Major miners’ copper output climbed 3.8% (128, 000 tonnes) year over year to an aggregate 3.5 million tonnes in the second quarter of 2022, according to S&P Global Commodity Insights data. Zijin’s copper production jumped over 90% year-on-year to 217,000 tonnes, contributing 80.4%(103,000 tonnes) of the global incremental growth in copper output. The company moved up to 6th place among the world’s major miners by copper production in the first half of 2022.
S&P’s analysis covers the top 20 copper miners with publicly available production announcements, of which 8 saw their output decline year-on-year.
Among the top five miners, BHP Billiton and Freeport-McMoRan produced 462,000 tonnes and 390,000 tonnes, respectively, up 14.6% and 16.9% year-on-year, while Codelco, Glencore and Grupo México produced 348,000 tonnes, 252,000 tonnes and 237,000 tonnes, respectively, down 24.9%, 15% and 12.2% year-on-year.
In the first half of the year, many major global miners lowered their production guidance for 2022 due to inflationary pressures, the COVID-19 pandemic and drought, and 11 of the top 15 global copper producers reported year-on-year production declines.
In contrast, Zijin’s Kamoa-Kakula Copper Mine in the DRC, Čukaru Peki Copper Mine in Serbia and Julong Copper Mine in Tibet have reached their nameplate capacity following the commencement of production.
The three world-class copper mines of Zijin fueled the company’s rapid growth in copper output in the first half of 2022, making it the 6th largest copper producer in the world, up from the 10th place in the same period last year.
According to its production guidance, Zijin plans to produce 860,000 tonnes of copper this year, up 47% year-on-year, continuing its strong momentum in production growth.
[1] Source: Interim reports of the companies listed.
Source: S&P Global
Translator: Shang Yutong Reviser: Li Yuanxing Editor-in-Chief: Wang Jie