Future Development Of Pacific Copper

The current demand for copper in the western world exceeds 7 million tonnes annually. The growth in demand is expected to average 2.6% annually to a level exceeding 11 million tonnes in 2000. Copper mine production is currently about 6 million tonnes annually; the annual net addition to mine output in the future will have to average about 190,000 tonnes of contained copper. The industrial nations of Europe and the western Pacific are heavily dependent on copper imports. Currently these import needs are supplied by Canada, Africa and Pacific producers. The increased demand for copper in the future is expected to further weight the trade balance to the Pacific suppliers. An evaluation of undeveloped deposits allows the ranking of these deposits based on total cost of production, including provision for plant and infra- structure investment as well as political/social/ economic risk. Peru, Canada, and the Southwest Pacific are expected to significantly increase exports. The United States will develop deposits to replace depleted mines, maintaining mine production at a level approximately equal to current output, with a consequent increase in copper imports. Chile is expected to become the world's leading copper producer, as well as expanding it's position as the leading exporter.