By: Robert Anders | 17 July 2017
The recently published Strategies for Copper Reserves Replacement, or CRRS, series of reports examines growth strategies in the copper mining industry by compiling information on all aspects of the mined supply of copper. The study's different sections provide parameters for measuring the relative costs of various growth strategies for individual copper-producing companies and the industry as a whole.
At the end of 2016, this group of 17 companies held a total of 398.2 million tonnes of copper in reserves, sufficient for 31 years of production at current rates after allowing 10% for recovery losses. They accomplished this while increasing their aggregate production by 31%, from 8.9 Mt in 2007 to 11.7 Mt in 2016. These 17 companies replaced 210% of their total production from 2007 through 2016, adding 227.7 Mt of reserves while producing 98.5 Mt of copper.
More than 87%, or $74.99 billion, of the group's total reserves-replacement expenditures went toward acquisitions, accounting for 31% of the group's reserves growth, and 13%, or $11.09 billion, went to exploration, accounting for 69% of reserves growth.
The Strategies for Copper Reserves Replacement studies is a series of reports dedicated to examining the costs of finding and acquiring copper from 1990-2016. The report series cover: