There are few new major copper projects in the world in 2023, and some of the largest mines face declining concentrate supplies as they age or upgrade. Looking ahead to 2023, the global copper concentrate supply is less elastic, new project construction progress is slow, the global copper concentrate supply is expected to continue to be tight.
From the perspective of copper mine development process, large mining companies mainly focus on exploration, mining and selection. It can take a long time to move from resource exploration to mining, during which time projects require significant capital expenditure. The development of large mining projects has certain risks, which requires the joint completion of large mining companies and several mining companies.
The peak of new global copper concentrate supply in 2019-2021 has passed, and further price increases are expected to be needed to spur new investment in copper projects. In 2022, the growth rate of global copper mine capacity will decrease, the grade will decrease, the cost will increase, the new projects will be put into operation and the expansion and renovation of existing projects will be small, and the short-term copper concentrate capacity will not increase rapidly.
