China-based Jiangxi Copper expects copper cathode output to increase by 6pc to 1.65mn mt despite disruptions caused by the COVID-19 pandemic. In 2019, the company’s copper cathode output increased by 6pc to 1.56mn mt from the prior year.
Jiangxi produced 1.56mn mt of copper cathode in 2019 up from 1.46mn mt in 2018, and 1.2mn mt of processed copper products up by 6.98pc from 1.1mn mt in 2018, despite the tight global supply of copper ores and high smelting processing costs. Jiangxi’s in-house copper concentrate output was 209,200mt in 2019, up by 0.43pc from 208,300mt in 2018. China’s largest copper smelter also had reserves of 9.154mn mt of copper at the end of 2019.
In 2020, Jiangxi Copper hopes to achieve 1.65mn mt of copper cathode output, 1.63mn mt of copper rod and other processed copper product output and 207,500mt of copper concentrate output. Jiangxi’s new projects in North and South China with annual capacity of 220,000mt and 350,000mt, respectively, are expected to produce copper rods in 2020.
Weak demand from China’s automobile and electric sector and a downtrend in the country’s economic growth rate are among Jiangxi’s key concerns in 2020. Also, excess smelting capacity and reduction in global consumption due to the economic impact of COVID-19 pandemic could hurt the company’s performance in the year.