Global copper production to increase by 2.5% by year-end — BMI

Research agency BMI expects copper production to increase by 2.5% year-on-year by the end of 2025. According to the company's experts, this growth will occur due to production recovery in Chile and expanded mining operations at the Oyu Tolgoi deposit in Mongolia. Peru, Russia, and Zambia will also make significant contributions to the red metal production.

For the period from 2025 to 2034, BMI analysts forecast an average increase in metal production of 2.9%. Annual production volumes will correspondingly grow from 23.8 million tons this year to 30.9 million tons by the end of the specified period.

Commenting on Chile's potential as a driver of metal production growth, the agency's experts confirm the country's readiness to achieve 3% copper production expansion this year. The key reason for this will be improved operational efficiency at the Quebrada Blanca mine.

However, current expert forecasts do not exclude potential risks. Specifically, specialists at mining company Glencore anticipate a year-on-year decrease in metal production of 850,000–910,000 tons. Other market participants have also presented similar expectations for the near term.