Having shot markedly lower in the first month of 2015, the copper price showed some semblance of recovery despite bearish signals from global exchange stocks, dollar strength and weak global macroeconomic data, moving above $6,000/t in late March. Seasonal deficits, if nothing else will make the copper market feel tighter over the coming quarters and we expect prices to recover modestly averaging $6,150/t and $6,450/t in the second and third quarters of 2015 respectively.

Executive Summary 1

Chapter 1 The outlook for consumption 11

1. Key points 11

2. Global developments 13

      2.1 Refined consumption overview 13

3. Regional developments 16

      3.1 Asia 16

      3.1.1 India 16

      3.1.2 North East Asia 17

      3.1.3 Indonesia and Thailand 18

      3.1.4 Turkey 19

      3.1.5 China 19

      3.2 Europe 22

      3.2.1 Eastern and Central Europe 22

      3.2.2 Western Europe 23

      3.3 Americas 25

      3.3.1 North America 25

      3.3.2 South and Central America 26

      3.4 Other 27

Chapter 2 The outlook for production 29

1. Key points 29

2. Supply outlook 31

      2.1 Refined copper production 31

      2.2 Mine production 33

      2.3 Smelting and electro/fire-refining 37

      2.3.1 Blister production 37

      2.3.2 Copper concentrates balance 38

      2.3.3 Electro/fire-refined production 40

      2.3.4 Scrap feed 41

3. Mining developments 42

      3.1 Trends at key mines 42

      3.1.1 Ore grades 44

      3.1.2 Labour disruptions 45

      3.2 Mine projects 47

      3.3 Mergers and acquisitions 49

      3.4 Equipment Suppliers 51

4. Smelting & electro/fire-refining developments 52

      4.1 Trends at key operations 52

      4.2 Projects 54

Chapter 3 The supply/demand Balance and Prices 57

1. Key points 57

2. Recent trends 58

3. Short-term market outlook 60

4. Medium-term market outlook 63

5. Mining Costs 68

Appendix A: Industrial and economic outlook, 2015-2019 71

Appendix B: Recent supply side developments 99

1. Mergers and acquisitions/Company news 100

2. Mine production 102

      2.1 Africa 102

      2.1.1 Botswana 102

      2.1.2 DRC 102

      2.1.3 Zambia 102

      2.2 Asia 103

      2.2.1 Indonesia 103

      2.2.2 Laos 103

      2.3 Australasia 103

      2.3.1 Australia 103

      2.4 North America 104

      2.4.1 USA 104

      2.5 South and Central America 104

      2.5.1 Chile 104

      2.5.2 Peru 106

3. Smelter production 107

      3.1 Asia 107

      3.1.1 China 107

      3.1.2 Indonesia 107

      3.1.3 South Korea 107

4. Exploration and Development 108

      4.1 Asia 108

      4.1.1 Indonesia 108

      4.1.2 Mongolia 108

      4.2 Australasia 108

      4.2.1 Australia 108

      4.3 North America 108

      4.3.1 US 108

      4.4 South and Central America 109

      4.4.1 Chile 109

      4.4.2 Peru 109

5. Stakeholder issues 110

      5.1 Africa 110

      5.1.1 Zambia 110

      5.2 South and Central America 110

      5.2.1 Chile 110

Appendix C: Additional copper supply tables 111

Appendix D: Mine, mine project, smelter and refinery production by operation 115

Appendix E: Production forecasting methodology and guide to Chapter 2 & Appendix D tables 225

Appendix F: Regional production of copper semi-fabricated products 231

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