• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 41 mins U.S. Presidential Elections Status - Electoral Votes
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 56 mins Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 7 hours Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 14 hours And now, hybrid electric locomotives...
The World Is In Desperate Need Of More Lithium

The World Is In Desperate Need Of More Lithium

As electric vehicle demand soars,…

U.S. Looks For Ways To Boost Rare Earths Mining

U.S. Looks For Ways To Boost Rare Earths Mining

The U.S. House of Representatives…

The Only Two Commodities Missing Out On The Supercycle

The Only Two Commodities Missing Out On The Supercycle

The commodity supercycle is in…

Dave Forest

Dave Forest

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

More Info

Premium Content

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

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News