Demand grew substantially by 4.2 Mtpa. When added to the 1.8 Mtpa rate of deposit depletion and production attrition, the total tonnage amount up for grabs between 2010 and 2017 was 6.0 Mtpa.
In terms of supply, primary copper output has grown by 5.9 Mtpa, keeping the market largely at balance with some slight year-to-year stock variations.
On top of gross capacity additions from greenfield and brownfield developments, approximately 3.3 Mtpa of 2010 output changed hands during the same time through M&A. The resulting growth movements have led to significant changes in the ranking of the largest copper producers between 2010 and 2017.
What can we expect from the next investment cycle?
For the next investment cycle, we're expecting to see companies focus on maximizing the speed to market and their ability to profit from high price cycles.
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