Copper – the hot commodity – Who holds them all?
With Gold constantly in the news these days, you might not really expect an article about Copper, and well, to be called a hot commodity…you might wonder if it’s something to do with the fact Copper is also called the poor man’s Gold. Not really, Copper price boom is expected to be the next big thing. Many metal companies and the metal trade in general are anticipating a price premium on the markets if economic recovery really takes shape.
So, why is Copper important?
Apart from Copper vessels that are still popular in many parts of the world and Copper coins that are a collector’s item, copper is also used for some serious stuff. Copper is widely used by the construction industry for plumbing, wiring and large scale electrification process. You guessed it, yes, China is one of the largest consumers of the metal, thanks to its massive infrastructure and electrification projects.
Largest Copper Producing Countries
The following list is not indicative of the reserves a country holds. We have listed out the top 5 countries that produce Copper.
Chile: With a production volume of 5,320,000 tons in 2009, Chile leads by a mile from the second highest placed United States. A name synonymous to Chile’s copper production is its largest mine Minera Escondida, which also happens to be the largest Copper mine in the world.
United States: United States of America produced 1,310,000 MT of Copper in the year 2009. The Bingham Canyon Mine, owned by the Rio Tinto Group and Morenci Mine are two of the largest mines where Copper and other precious metals are extracted from the deposit.
Peru: The countries copper output stood at 1,260,000MT in the year 2009. Southern Peru Corporation and Antamina are two of the largest copper producing companies here.
China: The countries estimated production in 2009 stood at 960,000 tons.
Indonesia: Copper production from the countries mines stood at 950,000 tons in 2009.
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