In the five years through 2013, revenue in the China copper ore mining market has been growing 20.4% annually on average to reach $13.8 billion. The performance of the industry is largely in line with downstream demand for copper products. Following strong revenue growth from 2004 to 2008, the Copper Ore Mining industry shrank in 2009 due to the plummeting price of copper in the fourth quarter of 2008. Then, industry revenue grew sharply by 40.4% in 2010, owing to the economic recovery and rebounding copper price. Strong performance continued in 2011, but slowed down slightly in 2012 due to milder performance of the overall economy.
China is currently the largest copper consuming country and second-largest copper producer in the world. However, due to the scarcity of copper ore resources in China, over half of the copper used in copper smelting in China is imported. In the five years to 2013, the value of imported copper ore is estimated to have increased at an annualized rate of 10.6%, accounting for 60.0% of domestic demand in 2013.
Following strong but volatile performance, growth is expected to be slower and smoother in the future. In the five years to 2018, ACMR-IBISWorld forecasts revenue will increase at an annualized rate of 14.2% to $26.9 billion.
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