Rio Tinto names Shell’s Katie Jackson as new copper chief
Jackson, who is the current president of National Grid Ventures, an energy group, joins Rio Tinto on September 1.
The International Copper Study Group’s data for November 2011 show a global copper production deficit of 119,000 metric tonnes after a significant jump in Chinese imports and usage.
China’s net imports in October-November were 59% higher than over the same period in 2010 according to the group’s February 2012 Copper Bulletin.
During the first eleven months of 2011, global usage grew by only 2.7% over 2010, but accelerated in October-November to 12% due to a jump of 38% in China.
In comparison to China growth in the rest of the world was aneamic. The preliminary report shows in Europe, Japan and the US, usage declined as the year progressed ending down 4% in Japan and unchanged in the EU and in the United States.
The copper mining industry continued to produce below capacity according to ICSG and in the 11-month period remained flat compared to last year. Concentrate production declined by 0.5% and solvent extraction-electrowinning (SX-EW) grew by 2.8%.
Output in Chile, Peru and the US that combined accounts for almost 50% of the global production, was down by 2.8% compared to last year, while world number two copper miner China boosted output 12%.
The ICSG reports shows mine production increased by 6.5% in Africa, 3% in Europe, 12% in North America and 7% in Oceania while it shrunk 3.5% in South America and 5% in Asia largely on the back of labour unrest at Indonesia’s massive Grasberg mine.
“The average mine capacity utilization rate for the first eleven months of 2011 fell to 78.5% from 80% in the same period of 2010,” says the report.
During the first eleven months of 2011 world refined production grew by 3.2% with huge variances in regional performance:
“Primary production increased by 2% and secondary production (from scrap) increased by 9%. Production increases of 16% in Australia (recovery from 2010 operational constraints), 15% in China, and 38% in the Democratic Republic of Congo were partially offset by declines in Chile (4.5%), the United Sates (7%), Canada (15%), and Japan (15%).”
