Insight

Copper supply: responding to a global pandemic and lower prices

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23 March 2020

Copper supply: responding to a global pandemic and lower prices

Report summary

The collapse of the copper price and the containment measures taken for the coronavirus pandemic are posing a significant risk to global mine supply and project development. How much mine supply is at risk and where will the price find support ? In this Insight, we summarise the key announcements to date, and place these mine disruptions into global market context. We also look at the supply responses in previous downturns and place some parameters around likely price floors. The analysis includes our estimate of industry costs at current oil prices and exchange rates.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Previous supply-side responses to lower prices
  • Historic copper price and copper mine cost centiles, C1 plus sustaining capex (2020 $)
  • Historic global mine disruptions and theoretical impact of Chile & Peru stoppages
  • Base case mine supply growth, 2020-2023 (before disruptions)
  • Highly probable & probable project deferrals: Q3 2008 project pipeline versus Q3 2009 project pipeline
  • Copper mine supply cost curve, C1 plus sustaining capex: 2019 and 2020 (Mark-to-market)

What's included

This report contains:

  • Document

    Copper supply: responding to a global pandemic and lower prices

    PDF 866.92 KB

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