The Global Copper Mining Market Was Valued At USD 70 Billion In 2017

Posted by praneeth on July 31st, 2018

The copper mining industries include companies carrying out activities such as developing mine sites and preparing copper ores and recovering copper concentrates through precipitation, leaching and elector wining copper ores.

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The global copper mining market was valued at USD 70 billion in 2017. Among regional markets, Asia Pacific was the largest geographic region in the market, accounting for more than half of the global market share. The market grew as autonomous drilling systems are being implemented by the copper mining industries to enhance safety, efficiency and productivity. This technology is being used to accurately identify drill location and drill production blast holes more effectively using advanced levelling technologies. Blasting can also be monitored from remote locations, thereby significantly reducing safety and health concerns. For instance, BHP Billiton is using Pit Viper 271 rotary blast hole drill rigs for its mining operations in Western Australia.

The market in the report is segmented into: mine operations and mining support activities.

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China was the largest country in the market, accounting for almost one-fourth of the global market. This can be attributed to the country’s economic power, abundant mineral resources, increased energy demand, and high government and private expenditure in the manufacturing industry. China was followed by India and Japan as the next largest countries in the market.

The top five competitors in the market are Codelco followed by Glencore, BHP Billiton, Southern Copper and Freeport. Codelco is currently the largest copper producing company in the world and it owns the world's largest known copper reserves and resources. It was formed in 1976 from foreign-owned copper companies that were nationalised in 1971 and headquartered in Santiago. Codelco's principal product is cathode copper.

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