• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia turns to solar
  • 17 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 1 hour Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Could oil demand collapse rapidly? Yup, sure could.
  • 6 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 2 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 12 hours Gazprom Exports to EU Hit Record
  • 8 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 hour Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 16 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 12 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 10 hours "The Gasoline Car Is a Car With a Future"
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 23 hours EVs Could Help Coal Demand
  • 5 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 1 day Tariffs to derail $83.7 Billion Chinese Investment in West Virginia

Breaking News:

Saudi Aramco Clears Another IPO Hurdle

Alt Text

Busting The Lithium Bubble Myth

Lithium demand continues to grow…

Alt Text

World Class Copper Auction Draws Major Interest

Peru’s mega Michiquillay copper is…

Alt Text

Supervolcanoes Could Drive The Electric Car Boom

Supervolcanoes could hold the key…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

This Could Be A Major Red Flag For The World’s No.1 Copper Nation

Chile Codelco

Expansive study on global copper released this past week — from a top authority in the world’s largest producing nation, Chile.

That came from the government-run Chilean Copper Commission (Cochilco). Which put together 15 years of exploration data in Chile and beyond, to look at where major copper discoveries are coming from — and how successful exploration spending in the sector has been of late.

At first glance, that data seems to cement Chile’s place as the world’s premier copper nation. Showing that the country has hosted 30.2 percent of all copper deposits discovered globally between 2000 and 2014.

The study also shows that Chilean companies have a strong track record of discovery. With national copper miner Codelco having found 17 deposits during the study period, while private miner Antofagasta made four discoveries.

But digging deeper into the data, a more-unsettling trend is apparent.

Exploration recently has been coming up empty.

The numbers on Chilean discoveries show that discoveries have been in short supply during the last several years. With a full 94% of discovered resources and reserves being found prior to 2010.

That means it’s now been six and a half years in Chile with very little exploration success. Despite that fact the study notes “investment in exploration has increased significantly” since 2010. Related: The Fuel That May Halt The Electric Car Revolution

The study authors conclude that “exploration results have not been proportional to the increased budget” during the last several years. Suggesting that discoveries are getting more difficult to come by in the increasingly mature terrains of Chile’s copper districts. Not helped by a national mineral licensing system that allows large tracts of land to be held inactive for extended periods.

All of which shows that the world may not be able to rely on its top-producing nation for future copper supply growth. A fact that’s evidenced on the ground by increasing copper exploration and production in other Andean nations like Peru, Ecuador and Colombia.

Watch for what moves the Chilean government and mining industry may make to address this situation. Possibly including state-sponsored regional geophysics for deep targeting — and reforms to mineral licensing that could open locked-up ground for exploration.

Here’s to getting over the hump.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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