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[s & P: new discoveries of global copper mines hit a 30-year low] according to Mining.com, an analysis by S & P Global Market Intelligence) shows that most companies in the copper industry have been investing in brownfield (Brownfields) projects, coupled with the fact that it takes too long to make discoveries to release reserves, leading to a continued decline in large discoveries that can change the fundamentals of the market.
Copper cupboard remains bare as discoveries dwindle S&P study
Copper cathodes (Stock Image)
The copper industry’s continued investment in mostly brownfields exploration opportunities, combined with generally longer timeframes from discovery hole to reserve statement contribute to the continued low rates of major discoveries that can move market fundamentals, an analysis by S&P Global Market Intelligence found.
An analysis of significant copper discoveries between 1990 and 2020 shows that of the 229 deposits discovered in the period, only three were found in the past three years.
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While Latin America was the top location for discoveries over the past ten years, the 26.3 Mt of copper found is significantly lower than any other decade since 1990. While this is up from only one identified for the period in S&P’s 2020 analysis, the 4.6 million tonnes in the three deposits are well below the total discovered in most years and pales compared