Metals play a vital role in our daily lives, from construction materials to electronic devices. In this article, we’ll explore the latest trends in copper and zinc mining, focusing on production figures, challenges, and future projections.
Copper Mining
1. Glencore’s Production
In 2023, Glencore, a major mining company, produced 1.01 million tonnes of mined copper and 720,000 tonnes of refined copper.
This represents an 11% increase in mined copper and a 4% increase in refined copper compared to 2022.
2. Global Trends
The global copper mine production was expected to rise by 3.9% in 2022 and 5.3% in 2023.
Refined copper production was also projected to increase by 2.8% in 2022 and 3.3% in 2023.
3. Future Outlook
Glencore’s updated guidance for 2024 places copper production in the range of 950,000 to 1,010,000 tonnes.
Zinc Mining
1. Glencore’s Zinc Production
In 2023, Glencore produced 467,000 tonnes of mined zinc (lead) and 330,000 tonnes of refined zinc ingot.
This reflects a 3% increase in mined zinc and a 5% increase in refined zinc ingot compared to 2022.
2. Challenges and Prospects
The global zinc market faced challenges due to smelter and refining bottlenecks in 2022, which continued into 2023.
However, new Chinese smelting capacity is expected to alleviate refined metal scarcity by 2024.
3. Future Targets
Glencore’s guidance for zinc production in 2024 is within the range of 900,000 to 950,000 tonnes.
Zijin Mining, another significant player, aims to produce 450,000 tonnes of mined zinc and lead in 2023, with a target of 480,000 tonnes by 2025.
Conclusion
The mining industry continues to evolve, driven by technological advancements, market demand, and environmental considerations. Keep an eye on these trends as they shape the global economy and our everyday lives.
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