• 50 mins Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 3 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 5 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 7 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 8 hours OPEC Set To Move Fast On Cut Extension Decision
  • 10 hours Nigeria Makes First Step Away From Oil
  • 22 hours Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 1 day Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 1 day Oil Production Cuts Taking A Toll On Russia’s Economy
  • 1 day Aramco In Talks With Chinese Petrochemical Producers
  • 1 day Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 1 day Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
Alt Text

$40 WTI Is Now More Realistic Than $60

According to one analyst, oil…

Alt Text

China Is The World’s Biggest Energy Market Mover

China is the foremost consumer…

Alt Text

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

Copper Production To Take A Quantum Leap In This Mining Nation

mining

Tough week for the copper mining sector in Chile. With S&P downgrading the country’s sovereign debt for the first time since the 1990s, because of lower copper prices. And workers at the Zaldivar mine voting for yet another strike in the Chilean sector.

And news elsewhere suggests Chile may have even more to worry about when it comes to copper. With one of the country’s competitors coming on fast — perhaps even moving to challenge for world’s top spot in copper output.

That’s Peru. Where authorities said yesterday they see copper production taking a quantum leap over the next few years.

Those numbers were released by Peru’s Center for Competitiveness and Development of San Martín de Porres University, and the Institute of Mining Engineers of Peru. With these groups estimating that a full 18 new copper projects are set to start production across Peru by 2021.

Here’s the breakdown:

2018 – Pukaqaqa and Magistral (Minera Milpo), and the enlargement of Toquepala (Southern Copper)
2019 – Quellaveco (Anglo American), Huánuco (Volcan), and the enlargement of Toromocho (Chinalco)
2020 – Calatos and Cotabambas
2021 – Quechua, Galeno, Río Blanco, La Granja, Los Chancas, Zafranal and Michiquillay

Based on these developments, the study authors are projecting a huge jump in Peru’s overall copper production. Saying they expect national output to hit 4.8 million tonnes per year by 2021 — more than double the 2.3 million tonnes Peru put out last year. Related: Are Supermajors Spooked By Peak Oil Demand?

That kind of growth would cement Peru as the world’s fastest-growing copper mining nation. With output here already having increased 77 percent since 2012.

In fact, the growth projected above might allow Peru to challenge Chile for top spot in the copper world. With the Peruvian target of 4.8 million tonnes of yearly production not far below Chile’s 2016 output of 5.5 million tonnes — which itself was down 5 percent from Chile’s 2015 level, as the industry struggles to keep up with cost escalation and labor difficulties.

We’ll see if Peru can actually meet its aggressive schedule. Watch for new mine openings next year, and for continuing numbers on production and exports — to see who will come out on top during the coming years.

Here’s to the path forward.

By Dave Forest

More Top Read From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News