However, with falling demand and ongoing disruption to mining activities due to lockdowns, this has been reduced to just 1.9% – with production of 21Mt in 2020. The ongoing disruptions will be offset by production from the Cobre Panama and Grasberg mines.
Vinneth Bajaj, Senior Mining Analyst at GlobalData, said: "Production growth in China is forecast to be around 6%, which is down from the 9.6% forecasted before the outbreak. Lockdowns in Chile and Peru will reduce the output in two markets that currently account for 40% of the global supply. Production in Chile is forecast to grow by 0.3% and in Peru by 2% – compared with a 1.4% decline and 2.6% growth respectively in 2019. There is also expected to be a slowdown in development of new projects."
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