The next generation of copper mines will not only have less copper but sharply declining grades, according to a study by Mining Intelligence.
Unless worldwide copper consumption changes, copper prices need to rise to meet future demand:
Number of copper projects in the pipeline equal total operating mines worldwide. Not all projects will become mines.Total resource of pre-production copper projects have half the resources of operating copper mines.Grade at pre-production mines is down significantly.
Worldwide there are 348 operating copper mines. There are 345 pre-production projects in the pipeline.
Total resources of developing mines is declining. Pre-production mines have a resource of 106 billion tonnes, about half of the operating miners with 207 billion tonnes of capacity.
Average grade of pre-production mines doesn't equal current grades.
