Through to 2022, iron ore mine ROM production is forecast to grow at a Compound Annual Growth Rate (CAGR) of 5.9%, while coal will decline, albeit by a marginal 0.4%. Among the other commodities, gold and copper will grow by 8.6% and 5.9% per year respectively.
Asia-Pacific is the largest contributor to the global ROM production, accounting for 23.7% in 2017, followed by South and Central America (18.8%) and North America (16.8%), with the top ten countries being Australia, United States, China, India, Russia, Brazil, Chile, Canada, South Africa, and Peru.
Awasthi continues: “These markets collectively accounted for over 70% of the global total. Highest growth is expected in Oceania at 5.5% per year, followed by the Middle East & Africa, whilst mine closures in Europe are expected to lead to an annual decline of 4.1% in the region through to 2022.”
Vale, Rio Tinto, Coal India, BHP, Freeport, Glencore, China Shenhua Energy, Codelco, Barrick and Anglo American were the top ten companies in 2017 jointly accounting for approximately 25% of the global share.