Copper mine output is set to grow strongly during 2015-2016 as a wave of committed projects is due on stream, after which production will become more and more dependent on uncommitted projects. By the late 2020s, growth will dependent on early stage projects and new exploration.
The bulk of new Tier 1 and Tier 2 capacity will be commissioned in the period 2015-2020, with more than 65% of planned production expected on stream by 2022.
Projects continue to suffer from delays, with early stage projects the most at risk.
The longest delays are being seen in the Americas, with environmental and social issues being important in these regions.

Chapter 1

Executive Summary & Analysis Section 1-1

Executive Summary 1-2

1. Production Forecasts 1-7

2. Project Rankings 1-16

3. Regional Analysis1-27 1-24

4. Technical Analysis 1-31

5. Ownership Analysis 1-39

6. Financial Analysis 1-42

Chapter 2

Tier 1 Project Profiles

AFRICA

      Haib - Namibia 2-1

      Kamoa (Phase 1) 2-3

      Kamoa (Phase 2) 2-5

      Luita (Sulphide) Expansion 2-7

      Lumwana Expansion 2-9

      RTR (Kolwezi) 2-11

      Sentinel (Trident) 2-13

ASIA

      Aktogay (Concs) 2-15

      Aktogay (SXEW) 2-17

      Aynak 2-19

      Bozshakol 2-21

      Grasberg Block Cave 2-23

      Grasberg DMLZ 2-25

      Grasberg Kucing Liar 2-27

      Gyama Phase 2 2-29

      Jabal Sayid 2-31

      Oyu Tolgoi Phase 2 2-33

      Pulang 2-35

      Reko Diq (Concs) 2-37

      Reko Diq (SXEW) 2-39

      Tampakan 2-41

      Xietongmen-Xiongcun 2-43

AUSTRALASIA

      Carrapateena 2-45

      Frieda River 2-47

      Hillside 2-49

      Namosi 2-51

      Panguna/Bougainville 2-53

      Solwara 2-55

      Wafi-Golpu 2-57

      Yandera 2-59

EUROPE

      Ak-Sug 2-6

      Peschanka 2-63

      Tominskoye 2-65

      Udokan 2-67

NORTH AMERICA

      Ann Mason 2-69

      Buenavista (New Concentrator) 2-71

      Casino (Concs) 2-73

      Casino (heap leach) 2-75

      El Arco (Concs) 2-77

      El Arco (SXEW) 2-79

      Galore Creek 2-81

      Pebble 2-83

      Pumpkin Hollow (open pit) 2-85

      Resolution Copper 2-87

      Rosemont Ranch (Concs) 2-89

      Rosemont Ranch (SXEW) 2-91

      Schaft Creek 2-93

      Twin Metals Project 2-95

SOUTH AMERICA

      Agua Rica 2-97

      Alemao 2-99

      Altar 2-101

      Andina Expansion (Phase II) 2-103

      Antucoya 2-105

      Canariaco Norte 2-107

      Centinela District Development 2-109

      Cerro Casale (Aldebaran) 2-111

      Cerro Verde Expansion (Concs) 2-113

      Chuquicamata Underground 2-115

      Cobre Panama (Petaquilla) 2-117

      Collahuasi Expansion 2-119

      Constancia 2-121

      Cristalino 2-123

      El Galeno 2-125

      El Morro 2-127

      El Pachon 2-129

      El Teniente (New Mining Level) 2-131

      Escondida OGP1 2-133

      Haquira (Concs) 2-135

      Haquira (SXEW) 2-137

      La Granja 2-139

      Las Bambas 2-141

      Los Azules 2-143

      Los Calatos 2-145

      Los Chancas 2-147

      Los Helados 2-149

      Los Pelambres Expansion 2-151

      Los Sulfatos 2-153

      Michiquillay 2-155

      Mina Justa-Marcona (Concs) 2-157

      Mina Justa-Marcona (SXEW) 2-159

      Minas Conga 2-161

      Mirador 2-163

      Panantza San Carlos - Ecuador 2-165

      Productora - Chile 2-167

      Quebrada Blanca Sulphides 2-169

      Quellaveco 2-171

      Radomiro Tomic Sulphides II 2-173

      Rajo Inca 2-175

      Relincho (Concs) 2-177

      Rio Blanco 2-179

      Salobo III 2-181

      San Enrique Monolito 2-183

      Santo Domingo 2-185

      Spence (Sulphides) 2-187

      Taca Taca Phase 1 2-189

      Taca Taca Phase 2 2-191

      Tia Maria 2-193

      Toquepala Expansion 2-195

      Vizcachitas 2-197

      Zafranal (Concs) 2-199

      Zaldivar Sulphides 2-201

Chapter 3

Tier 2 Project Profiles

Afton-Ajax 3-1

Águila 3-1

Ajo Re-start 3-1

Alicia 3-1

Andacollo - sulphides expansion 3-2

Antakori 3-2

Antilla 3-2

Bagdad Expansion (Concs) 3-2

Bahuerachi 3-3

Balkhab 3-3

Basay 3-3

Berg 3-3

Beutong 3-4

Boa Esperanca 3-4

Boleo 3-4

Bystrinskoye 3-4

Catface 3-5

Cerro Colorado - Sulphides (Chile) 3-5

Chambishi Southeast 3-5

Chapi Sulphides 3-5

Chaucha 3-6

Chingola Refractory Ore Project 3-6

Cobre Panama Expansion 3-6

Cochise-Bisbee 3-6

Comide 3-7

Copper Creek 3-7

Coroccohuayco 3-7

Cotabambas 3-7

Cuajone Expansion - Stage 3 3-8

Cuatro Hermanos 3-8

Diego de Almagro (Conc) 3-8

Duobaoshan Phase II 3-8

El Abra Sulphides 3-9

El Espino 3-9

El Pilar 3-9

El Teniente - NML expansion 3-9

Encuentro Oxides 3-10

Far Southeast 3-10

Fishtie (Kashime) 3-10

Gabriela Mistral - Sulphides 3-10

Gaworzyce-Radwanice 3-11

Ghanzi 3-11

Granduc 3-11

Grodziecka Syncline 3-11

Gunnison 3-12

Harper Creek 3-12

HCL - (Malanjkhand) Expansion phase 1 3-12

Hinoba'an 3-12

Hushamu (North Island Project) 3-13

Ichimpe 3-13

Inca de Oro 3-13

Junin 3-13

Kakanda 3-14

Kakanda Tailings 3-14

Kalkaroo 3-14

Kamoto-KOV - Phase 5 3-14

Kangaluwi (SXEW) 3-15

Kangeshi 3-15

Kansanshi Expansion Phase III 3-15

Kerr-Sulphurets-Mitchell (KSM) 3-15

King-king (Concs) 3-16

King-king (SXEW) 3-16

Kipoi - Stage II 3-16

Kipushi 3-16

La Granja Mill 3-17

La Verde 3-17

Laver 3-17

Letra Rumi South 3-17

Little Eva 3-18

Llahuin 3-18

Lomas Bayas III 3-18

Lone Star 3-18

Lonshi Underground 3-19

Los Mantos 3-19

Lubambe Phase 2 3-19

Lubembe 3-19

Magistral 3-20

Mankayan-Guinaoang 3-20

Mantoverde Sulphide 3-20

Marsden 3-20

Maslovskoye 3-21

Miduk Expansion 3-21

Mocoa 3-21

Mokambo 3-21

Monywa/Letpadaung 3-22

Morenci Expansion 2 (Concs) 3-22

Morrison 3-22

Mumbwa 3-22

Mutanda concentrator 3-23

New Prosperity 3-23

NICICO Miscellaneous greenfield 3-23

Nkana Synclinorium Shaft 3-23

Northmet (Concs) 3-24

Ok Tedi open pit extension 3-24

Ok Tedi Underground 3-24

Olympic Dam Expansion - Stage 2 3-24

Olympic Dam Expansion - Stage 5 3-25

Olympic Dam Expansion - Stages 3 & 4 3-25

Ordubad 3-25

Oyu Tolgoi Phase 3 Hugo South/Herruga 3-25

Palabora Lift II 3-26

Pecobre 3-26

Pilares 3-26

Pinto Valley Extension 3-26

Poplar 3-27

Project 118 3-27

Proyecto de Rio Tinto Restart 3-27

Pukaqaqa 3-27

Quechua 3-28

Ray Expansion (SXEW) 3-28

Red Chris 3-28

Redstone 3-28

Retków-Scinawa 3-29

Rocklands 3-29

Safford – Sulphides 3-29

San Manuel Restart (SXEW) 3-29

San Nicolas Restart 3-30

Sarcheshmeh Expansion Phase 3 3-30

Serrote da Laje 3-30

Shakardara 3-30

Shituru 3-31

Sicomines 3-31

Sierra Gorda (SXEW) 3-31

Silangan-Boyongan 3-31

Simuku 3-32

Sungun Expansion Phase 2 3-32

Sungun Expansion Phase 3 3-32

SW Tintic 3-32

Taysan 3-33

Tenke Fungurume – Sulphides 3-33

Timok 3-33

Tohono (Concs) 3-33

Tohono (SXEW) 3-34

Tominskoye phase 2 3-34

Toqui Cluster 3-34

Toromocho Expansion 3-34

Tovaku 3-35

Trapiche 3-35

Tsagaan Suvarga 3-35

Tujuh Bukit 3-35

Upper Kobuk Mineral Projects 3-36

Vicuna-Josemaria 3-36

West Jerome 3-36

West Wall 3-36

Wunugetu - Stage 3 3-37

Yangla Expansion 3-37

Yulong Phase II 3-37

Chapter 4 4-1

1. Introduction 4-1

      1.1 Types of project profiles 4-1

      1.1.1 Tier 1 project profiles 3.1

      1.1.2 Tier 2 project profiles 3.2

2. Individual project profiles 4-3

      2.1 What defines a project? 4-3

      2.2 Information sources 4-3

      2.3 General information 4-4

      2.4 Annual production rates and concentrate specifications 4-5

      2.5 Ore reserves and resources 4-6

      2.6 Cost data 4-7

      2.6.1 CRU Copper Cost Model 4-7

      2.6.2 CRU Vale Based Costing (VBC) 4-8

      2.6.3 CRU Normal Costing 4-9

      2.6.4 Capital requirements 4-10

      2.7 Development 4-11

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