DRC is expected to surpass Peru's copper production by 2026 or 2027, according to consulting firm Wood Mackenzie, a change which could impact global copper prices.
There’s a new kid on the block in copper production. Media reports say the Democratic Republic of Congo continues to put up a tough fight against Peru, the world’s second-biggest copper producer. If the latter does not square up, expects feel the DRC may end up taking its #2 title. Of course, such competition could not only affect copper prices today, but also in the near future.recently reported on a prediction from consulting firm Wood Mackenzie.
However, Team DRC shouldn’t celebrate just yet, as Peru does not plan to go down without a fight. Peru’s, Oscar Vera, recently stated that his country is very bullish about holding its spot as the #2 copper producer in the world. Despite the Ventanas setback, there are numerous key projects set to move forward. Moreover, Peru continues to show signs that it is overcoming the setbacks from the previous year and entering a sustained rebound phase.
According to The World Copper Factbook 2022, Chile accounted for nearly one-third of the world’s copper mine production in 2021, yielding 5.6 million metric tons in all. Peru also experienced substantial growth in copper production, representing 10.8% of production of global output that same year.
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