2014 The global commodity market has entered a rare bear market this year, and it can be... “ Tragic ” To describe it, international crude oil prices have fallen within half a year. 50% , iron ore prices also fell by more than throughout the year. 40% Currently, the market’s focus is on copper prices. The market is concerned that copper prices may follow the same trajectory as crude oil and enter a rare bear market. Our view is that it will be difficult for copper prices to replicate the sharp decline seen in crude oil. The dramatic drops in crude oil and iron ore prices were driven by supply-side battles for market share—such as the conflict between Middle Eastern and North American crude oil producers, and the rivalry between mainstream and non-mainstream mining companies. It was precisely the rapid expansion of supply that caused commodity prices to plummet sharply. However, the supply side of copper does not face similar issues. 2014 Copper mining production has encountered numerous challenges, such as severe aging of mines in Chile and declining ore grades, which necessitate substantial capital investment for capacity expansion. Increased copper mining taxes in Indonesia and Zambia have brought production to a standstill. In the Democratic Republic of the Congo, power shortages have prompted restrictions on copper mining capacity. Will these multiple supply-side issues be able to... 2015 Annual improvement is one of the key factors for determining the direction of copper prices. In this article, we take stock of global copper mines and summarize the current changes in the global copper mining landscape.

　　1.2014 Global Copper Mine Production Summary for the Year

　　 03-07 Over the past few years, global copper prices have experienced a rare bull market, with supply severely constrained and global inventories continuing to decline. The high copper prices and tight supply-demand situation have spurred investment and construction in copper mines worldwide. 2007-2011 Over the past few years, global copper giants have been making strategic investment decisions to expand production. The investment and construction cycle for copper mines generally is... 5 Around the year, from 2012 A large number of projects invested in before the start of the year have begun production, leading to a rise in global copper mine output from... 2012 The situation began to increase rapidly, pushing the global copper market into a state of oversupply, and copper prices also started to... 2012 The market began to enter a bear market.

　　2014 At the beginning of the year, the market generally expected global copper production to continue rising significantly, and the global copper market’s supply surplus would also persist, causing copper prices to keep falling sharply. However, from... 2014 Looking at the annual situation, copper ore supply has hardly grown, according to... WBMS statistical data, 2014 Global copper mine production annually 1840 Ten thousand tons, and 2013 of the year 1830 Ten thousand tons remained virtually unchanged. From CRU Looking at the statistical methodologies used by other institutions, copper mine production growth was also very limited, falling far short of market expectations. As a result, last year’s copper supply surplus eased significantly, according to... WBMS According to statistical data, global copper supply still falls short of demand. Another indicator reflecting the balance between supply and demand is inventory levels. 2014 Year LME Copper inventories at the exchange have dropped sharply, falling to... 06 The year's low indicates that the supply and demand situation for copper is actually tight.

　　2014 Globally, the copper market actually experienced... “ Both supply and demand are weak. ” the situation is such that market attention has been more focused on weak demand, while overlooking issues on the supply side. Chile, China, Peru, the United States, the Democratic Republic of the Congo, Australia, and Zambia are among the world’s major copper-producing countries. Looking at individual countries, last year the main producers experiencing output reductions were Chile, China, Zambia, and Indonesia, which weighed heavily on global production. In Chile, power shortages and funding constraints have delayed expansion projects, leading to a decline in output rather than an increase. Peru, which had previously been expected to see a substantial rise in production, fell far short of expectations due to a marked drop in output from its largest copper mine. Zambia and Indonesia... 2014 In the past year, China implemented a high-tax policy, sparking fierce opposition from mining companies and leading to a significant drop in production. Affected by its own declining resource reserves and lower ore grades, China’s output has also fallen markedly. Countries that have seen increases in production are primarily concentrated in the Democratic Republic of the Congo, the United States, and Mongolia. The Democratic Republic of the Congo is the world’s largest contributor to the increase in copper production; however, due to power shortages, it has already halted approvals for new copper mining projects, which will undoubtedly have a negative impact on future output. In summary, global copper production is... 2014 Facing numerous challenges this year, can we... 2015 The beginning of the year marked a turning point, which is an important factor influencing the global copper market.

　　2. Global Copper Mine Inventory

　　The trumpet is famously known as “ Dr. Copper ” It can reflect changes in the global economy, especially those in China’s economy. As a result, when assessing copper price trends, the market is paying closer attention to shifts on the demand side. However, the consensus in the market is that weakening demand due to economic downturns has already become a well-established fact. The factor truly capable of delivering results beyond expectations comes from the supply side—particularly... 2014 The global copper market actually experienced... “ Both supply and demand are weak. ” the pattern. According to WBMS the data shows that the global copper market is in 2014 A supply gap also emerged this year. LME The inventory indicator also fell to 2006 The year's low point. Problems on the supply side of copper are beginning to come into focus.

　　At 2015 Can the difficulties currently facing global copper mines be reversed? Whether the global copper market can once again return to a state of significant oversupply is now the market’s primary focus. We believe that... 2015 Global copper mining production continues to face numerous challenges. Issues such as power shortages, funding constraints, declining ore grades, rising costs, tax policies, and labor-management tensions still plague the supply side of copper and warrant ongoing attention. Below, we will take stock of the global copper mining situation and continue to monitor developments in the global copper mining sector going forward.

　　2.1 Chilean copper mine

　　Chile is the world’s largest supplier of copper, accounting for one-third of global supply, and copper exports make up a significant portion of Chile’s total export revenue. 60% , annually for Chile GDP Contribution 15%。2014 Copper produced in Chile annually 575 10,000 tons (including copper concentrate and cathode copper). Currently, Chile's largest copper mine in terms of copper production is... Hidden Copper mine, 2014 Annual copper production 117 Ten thousand tons. The largest copper company is the Chilean National Copper Corporation. 2014 Annual copper production 178 Ten thousand tons.

　　2014 Chile's copper production this year was significantly lower than expected. At the beginning of the year, the Chilean Copper Commission had forecast production to reach... 600 Ten thousand tons, yet actual production has instead declined, compared to... 2013 Decreased annually 3 Ten thousand tons. The decline in production was mainly due to factors such as lower ore grades, power shortages, delays in capacity expansion caused by insufficient funding, and strikes. Actual copper mining production has proven far more challenging than anticipated. 2015 The Chilean Copper Commission once again expects production to reach... 600 Ten thousand tons—but in reality, the situation probably remains pessimistic.

　　2014 The decline in annual production is primarily attributable to large copper mines such as Escondida and Chuquicamata. The main reasons are power shortages and declining ore grades, which have made production increasingly challenging. Currently, Chile’s mines have become severely aged—many of the major mines have been in operation for over a century—and ore grades continue to fall. There is an urgent need for capital to explore new deposits and expand production, but this depends critically on Chile’s economic and fiscal conditions. For instance, all revenues generated by Chile’s state-owned Codelco are remitted to the government, and the extent to which the government subsequently reinvests these funds into the company has become the biggest source of uncertainty in its operations. As the world’s leading copper producer, Codelco has previously stated that it urgently needs fresh capital injections to cover its... 50 In the multi-billion-dollar plan to upgrade aging mining areas 10 A $100 million gap. The Chilean government plans to boost mining investment in... 2021 Achieve by the end of the year 1120 hundreds of millions of dollars, of which 270 Hundreds of millions of dollars have been invested in Chile’s National Copper Corporation. Meanwhile, the government has set a copper production target of... 2021 Reach the year 810 Ten thousand tons / Year.

　　Introduction to the current status of Chile's major copper mines:

　　Escondida ( Hidden ): The Escondida copper mine, located in Chile’s Atacama Desert, is the world’s largest copper mine by production volume. BHP owns this copper mine. 57.5% the shares, with the remaining shares being shared by Rio Tinto and JECO Corporation. This copper mine is located in... 1990 Production of copper concentrate and cathode copper began this year. 2014 Annual production 117 Ten thousand tons, lower than 2013 of the year 120 Ten thousand tons. Hidden The decline in copper production was due to lower ore grades, increased hardness of the processed ore, and the impact of strikes. Last year. 9 This month, the copper mine’s union went on strike, demanding improved working conditions. Recently, the copper mine has also proposed a layoff plan, leaving labor-management relations consistently tense. BHP expects this year’s production to increase to... 127 Ten thousand tons—but judging from the current situation, there are still many uncertainties, and achieving the target production level remains challenging.

　　Chuquicamata ( Chuquicamata ): The Chuquicamata copper mine is owned by the state-owned Chilean Copper Corporation. Codelco ) Owned and operated. Chile's state-owned copper company claims this is the world's largest open-pit mine. The mine extracts... 1910 has been running since [year], and currently... 100 a history spanning years. Chilean Copper Company is currently transitioning the mine’s operations from open-pit to underground mining, and underground production will begin... 2018 Starting at the end of the year. 2014 Annual copper mine production 80 Ten thousand tons, compared to 2013 Year-on-year increase in production 7.6% 。

　　Koyawasi ( Collahuasi ): Located in northern Chile, southeast of the port of Iquique. 180 kilometers away, at an altitude of 4000 Mile. This copper deposit is a porphyry-type copper deposit. , Average copper grade 1.8%, Scale in 150 Subsurface secondary enrichment deposits exceeding one million tons. 2006 In that year, through the acquisition of Eagle Bridge Company, Xstrata gained Koyawasi. 44% the equity; the Anglo-American Group also owns this mine. 44% the equity, owned by the Japanese company 12% the equity. The mine is operated by Koyawasi Mining Company. 2014 Annual mine production 47 Ten thousand tons, compared to 2013 Year-on-year growth 5.8% 。

　　Terniente ( The Lieutenant ): Located approximately south of Santiago, the capital of Chile. 90 the city of Rancagua, located kilometers away. It is owned by the state-owned Chilean Copper Corporation ( Codelco ) is the world’s second-largest copper mine, and among underground copper mines, it ranks first in the world in terms of scale. The proven copper reserves at the Ternit Copper Mine have reached 1.11 hundred million tons—the mine is... 1905 Commissioned this year and has been in operation ever since. 110 Year. 2014 Annual mine production 45.5 Ten thousand tons, compared to 2013 Year-on-year growth 1.1% 。

　　Los Blancos ( The Bronx ): Located northwest of Santiago, in the central Chilean Andes Mountains, Chile. 70 kilometer away , Altitude 4000 The mine, an open-pit mine, is owned by the global mining company Anglo American. 2014 Annual copper production is 38 10,000 tons, down year-on-year 6% The main reason is last year. 3 Monthly contract workers launched violent protests, prompting Anglo American to suspend copper mine operations. Last year. 11 Monthly engineers and other professionals also went on strike, marking the first time that Chile’s privately owned copper mines have experienced a strike by professional workers.

　　Los Perambres ( Los Pelambres ): This copper mine is Antofagasta The company’s flagship mine accounts for the company’s total copper production. 55% , and is also a world-class copper mining asset, but is expected to... 2020 Around the year, the ore grade of this mine will decline significantly. 2014 Annual copper mine production 40 10,000 tons, down year-on-year 3.5% The main reason is that the mine had previously experienced a fatal accident, leading to a temporary suspension of mining activities, and... Sentinel Maintenance shutdowns at the factory have all led to a decline in production.

　　Andina ( Andean ): The Andina copper mine is located approximately northeast of Santiago. 40 The mine, located in [location], is the world’s largest copper deposit in terms of resource reserves. The ore reserves amount to... 191.62 100 million tons, copper metal resource reserves 11360.5 Ten thousand tons, Cu 0.593% The mine was discovered in... 1850 Year, 1970 Year of commissioning, mining and beneficiation capacity is: 94000 ton / The mine, which is owned by Chile's state-owned copper company, saw a decline in production last year.

　　Spencer ( Spence ): This mine is operated by BHP Billiton. 2014 This year, the mine saw the largest increase in production, with growth... 16.2% To 17.61 Ten thousand tons.

　　 ElAbra The mine is operated by Freeport-McMoRan Copper & Gold Inc. of the United States. 2014 Annual production 17 Ten thousand tons, compared to 2013 Year-on-year increase in production 1 Ten thousand tons.

　　Candelaria ( Candelaria ): The mine previously belonged to Freeport-McMoRan Copper & Gold Inc. of the United States; last year, 7 In the month, the company sold it to Canada's Lundin Mining. Lundin Mining ) Company. 2014 Annual copper mine production 13 10,000 tons, down year-on-year 19.8% 。

　　2.2 Peruvian copper mine

　　In recent years, Peru has steadily increased its investment in copper mining, leading to a year-on-year rise in copper production. Peru will soon surpass China to become the world’s second-largest copper producer. Mining has now become a pillar industry for Peru, accounting for a significant share of the country’s gross domestic product (GDP). GDP ) About 10% Proportion, and account for government revenue. 30% Specific gravity, as well as export revenue. 60% Specific gravity; among these, copper and gold are Peru’s first- and second-largest export commodities, respectively. Peru’s largest copper producer is Southern Copper Corporation. 2014 Annual production 67 Ten thousand tons. The second-largest copper producer is Antamina ( Antamina ). According to WBMS According to the statistics, Peru 2014 Annual copper mine production is 138 Ten thousand tons and 2013 Year 137 Production of 10,000 tons showed virtually no growth, significantly falling short of expectations. 2014 Peru's copper production did not increase this year, mainly due to its largest copper mine. Antamina Production has shown a noticeable decline. As... LASBAMBAS Copper mining project, Chinalco Toromocho Copper mining projects and the Cusco region CONSTANCY With projects coming on stream one after another, Peru’s copper production is expected to rise significantly in the future, according to the Peruvian government. 2016 Annual copper production is expected to double, reaching... 280 Ten thousand tons.

　　Next year, three projects will go into operation: the investment amount is... 52 hundreds of millions of dollars LasBambas Copper mine 3 The month begins operations, Freeport-McMoRan Copper & Gold Inc. Cerro Verde Mining Expansion Project 8 Completed in the month, with an investment amount of 44 hundred million U.S. dollars; the investment by Southern Copper Corporation is 9 hundreds of millions of dollars Toquepala Mining expansion project in 7 Completed by the end of the month.

　　Introduction to the current status of Peru's major copper mines:

　　 Antamina Copper Mine: This copper mine is Peru's largest copper-zinc mine, and its copper production accounts for approximately [a percentage] of Peru's total output. 30% BHP Billiton and Glencore - Strata (GlencoreXstrata) Held by the mine. 33.75% Shares, Teck Resources Hold 22.5% The shares are held by Mitsubishi Corporation. 10%。2012 Annual copper production 46 Ten thousand tons, 2013 Annual copper production 46 Ten thousand tons, 2014 Annual copper production is expected to decline. 27% The main reasons are declining ore grades and the impact of strike actions. The company’s vice president of finance stated that, given the mine’s entry into a new production phase, 2015 Production may recover this year, but next year’s copper mine output will not reach the previous level. 2013 About a year old 46.1 A production level of 10,000 tons.

　　 Toquepala Copper mine: Toquepala The copper mine is owned by Southern Copper Corporation. 2010 Annual copper production 16.94 Ten thousand tons, molybdenum production 4800 Ton. Toquepala The proven and probable reserves of copper ore are: 61.97659 100 million tons, Cu 0.322% Copper metal content 1995.6 Ten thousand tons; Mo 0.013% , molybdenum metal content 80.6 Ten thousand tons. Toquepala Copper mine 1959 Year of commissioning, ore mining and beneficiation capacity is: 2100 Ten thousand tons / Year. Peru Toquepala Copper mining project 13.2 A billion-dollar expansion plan is underway at... 2013 Approved mid-year, 2014 Annual production capacity will increase from the current... 15.5 Increased from ten thousand tons to 23.5 Ten thousand tons.

　　 Cuajone Copper Mine: This copper mine also belongs to Southern Copper Corporation. 2010 Annual copper production 18.5 Ten thousand tons, molybdenum production 4500 Ton, silver production 240 Ten ounces. Cuajone The proven and probable reserves of copper ore are: 26.6106 100 million tons, Cu 0.472% Copper metal content 1256 Ten thousand tons; Mo 0.017% , molybdenum metal content 45.2 Ten thousand tons. 1976 Year of commissioning, ore mining and beneficiation capacity is: 2871 Ten thousand tons / Year.

　　 Cerro Verde Copper mine : Located in the Arequipa region of southern Peru. It is owned by Freeport-McMoRan Copper & Gold Inc. Cerro Verde Company 53.56% of the shares. 2012 Year 12 In the month, the Peruvian government approved the company’s investment. 44 Expanding with hundreds of millions of dollars. Cerro Verde It stated that this expansion project will triple the company’s daily copper production to... 36 Ten thousand tons, and boost annual copper production. 6 Hundreds of millions of pounds—this will propel it into the ranks of the world’s five largest copper producers. Cerro Verde Expected to in 2016 Completed this year.

　　Tromok Copper Mine : The project is located in central Peru. Morococha The core area of the mining district currently represents the sole mining asset of Chinalco Mining International. The controlling shareholder of Chinalco Mining International is Chinalco, and it has already... 2014 Year 1 The company was successfully listed on the Main Board of the Hong Kong Stock Exchange, serving as a core platform for Chinalco to carry out acquisitions, investments, development, and operations of non-aluminum non-ferrous metal mineral resources and projects overseas. The Tro-Mok copper mine project—from feasibility study to completion and commissioning—took approximately... 6 One year. 2007 Year 8 Month, Chinalco successfully acquired. “ Peru Copper Company (PCI) and its core assets —— The Tromok copper mine project was subsequently handed over to Chinalco Mining International, its affiliated company, for construction. 2013 Year 12 The project has officially begun commercial production, and it is expected to have already reached full capacity. According to information provided by Chinalco, this copper mine holds copper metal resources equivalent to approximately... 1200 10,000 tons, accounting for approximately a certain proportion of China's total domestic copper resources. 19% The project is designed to produce copper concentrate containing copper annually. 22 10,000 tons, accounting for approximately [a percentage] of China's domestically produced output. 18% , entering the global top 20 A lineup of famous copper mines. Expected to... 2014 Annual copper production in 15 Around 10,000 tons. The project's production costs are expected to be lower than the global average. 75% The aforementioned copper mine. It is reported that after the project enters commercial production, Chinalco Mining International plans to process the sulfide copper ore on-site and then primarily sell the copper concentrate to Chinese smelters for refining and producing refined copper.

　　 LasBambas Copper mine: 2014 Year 7