Global copper production is on track for steady growth over the next nine years, according to a report by Fitch Solutions Macro Research.
Fitch expects an annual copper production increase of 3.1 per cent between 2020-2029, along with global output increasing by over six million tonnes.
Australia produced 960,000 tonnes of copper last year, with this number forecast to exceed one million tonnes by 2022.
New projects and expansions will attribute to a global production increase, according to the report.
Copper has dropped to its lowest price in more than three years during March, with production slowing due to the coronavirus outbreak.
The commodity was priced at $US2.88 on January 15, with prices plummeting to $2.39 per pound yesterday (March 16 2020).
South Australia is Australia’s main source of copper exploration, with national exploration budgets for copper reached $272 million in 2019, according to S&P Global Market Intelligence.