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Copper September 24, 2024 09:05:13 PM

ICSG World Copper Factbook 2024: Refined Copper Demand Outpaced Mine Output in 2023

Paul Ploumis
ScrapMonster Author
The ICSG report stated that 418 million tonnes of copper were extracted between 2000 and 2023.
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SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) released ‘The World Copper Factbook 2024’, which examines the copper production and usage details for the previous year.

As per the Factbook, global copper mine production in 2023 reached 22.4 million tonnes. Chile emerged as the world's greatest producer of mined copper, with 5.3 million tonnes. The country contributed for approximately one-quarter of global copper mine production. Copper smelter production totaled 22.9 million tonnes in the year. Meanwhile, refinery production reached 26.5 million tons.

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In 2023, the demand for refined copper reached 26.5 million tons. China was the top user of refined copper this year, with an apparent utilization of over 15.5 million tons. Equipment was the leading end-use sector, followed by building construction and infrastructure.

The ICSG report stated that 418 million tonnes of copper were extracted between 2000 and 2023. According to the United States Geological Survey (USGS), copper reserves have increased from 567 million tonnes to 1,000 million tonnes over this time. The existing and future exploration prospects will result in substantial increases in reserves in the coming years.

 

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