DRC and China are burning through their copper reserves fastest in the world
According to the previous report prepared by Mines and Metals, estimated global mine production of copper was 20 million tonnes in 2019, or 2% less than in 2018 (20.4 million tons).
It was estimated that world’s recoverable copper reserves amounted to approximately 870 million metric tons in 2019.
Chile has the world’s largest copper reserves of any country by far, with 200 million metric tons as of 2019. Chile also the biggest mined copper producer in the world despite a 4% decline in 2019.
Copper plays a significant role in the Chilean economy, with an estimated 20 percent of Chile’s GDP attributed to its copper production.
Second largest copper reserves endowment belongs to Australia (87 million tons) that followed by Peru (87 million tons) and Russia (61 million tons).
World’s copper reserves, ktons
DRC and China are facing a rapid depletion of their local copper mineral reserves. Reserves-to-production (R/P) ratio that represents the “burn rate” of proven reserves of mineral commodities when applying current levels of domestic mine production shows that DRC and China are in the “red zone” for future local supplies of copper.
Copper R/P (“burn rate”) ratio, years.
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