The global copper mining market is anticipated to grow significantly over the forecast period. Copper is a metal and is denoted by the Cu symbol. It has a high electrical and thermal conductivity by the virtue of this it is used aggressively in construction of various buildings, solar energy transmission, high-speed data transmission lines, alloy materials or telecommunication instruments, and storage of nuclear waste or superconductor. Apart from technological use, it is also used as wood preservatives, bacteriostatic substances, and fungicides. Due to its malleable and soft physical property in soft form, it is widely used to fabricate cables and pipes.
Generally available copper for mining is distributed over larger geographical areas, which is found mixed and materialized with materials and rocks. Copper is generally mined and extracted in form of compound ore known as copper oxide ore and copper sulfides ore. The copper percentage in particular copper ores generally ranges to 1.8% from 1% are called “copper grade”. Copper ores pass through many processes and stages to extract pure copper involving crushing of ore to smaller size pieces. After crushing of ores the concentration is separated on type of ores i.e. Oxide ores are moved to leach tanks whereas sulfites are routed to concentrating stages. The first stage of commercially producing copper is a copper concentrate containing an equal number of parts of iron, copper, and sulfide. Once the copper is concentrated it is converted into pure form using electro-winning, smelting electrolytic refining, and leaching. After it, copper concentrate is finally converted into the power of metal, which is again sent to attain forms so that it can be easily refined to get the purest form of copper
Copper mining can be categorized on the basis of method used such as Underground mining and open-pit mining out of which open-pit mining is the dominant method used because of certain advantages like high production rates, lower cost, flexibility in operations, and relatively safe methods.
China accounts for nearly half of the global demand of copper whereas Chile accounts for one-fifth of global copper supplies. Due to its high conductivity, copper helps in using energy more efficiently and even helps in enhancing the quality of product and conserved fuel consumption. Per-capita consumption of copper ranges from 10 to 20 kg for developed countries to 1 to 2 kg for developing countries or maybe less than that. The key driver of the copper mining market is its extensive demand in differentiated fields.
The demand for copper is expected to grow in North American, RoW, and Asia Pacific market, the market share for the European market is high and growth prospects are less.
The major key players of the copper mining market include African copper, Aditiya Birla Minerals, DOT Resources Ltd., Caribou King Resources Ltd, Global Hunter Corp, Southern Copper Corp, Advance SCT Ltd, and Rio Tinto Group.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.