The availability of minerals is based on the concept of reserves and resources. Reserves are deposits that have been discovered, evaluated and assessed to be economically profitable to mine. Resources are far bigger and include reserves, discovered deposits that are potentially profitable, and undiscovered deposits that are predicted based on preliminary geological surveysng

Global copper reserves were 720 million tonnes (Mt), with Chile dominating with 210Mt or 29.2% of the total. This was followed by Australia with 88Mt (12.2%), Peru with 82Mt (11.4%) and Mexico with 46Mt (6.4%). Copper is available in different forms, including sulfide deposits, carbonate deposits and silicate deposits. Porphyry copper deposits are the main source of copper, and approximately 60% of the world’s copper is sourced from these deposits, followed by sediment-hosted strata bound deposits with 20%.

Chile’s copper mining market—among one of the largest in the world, as it’s home to nearly one-third of the world’s copper—likewise took the brunt of seemingly temporary factors, which varied from work stalls caused by heavy rain to ongoing drought.

China played a large role in the decline of copper sales, as well: infrastructure, automobile and construction spending all dipped—partly due to the country’s development of the smart electricity grid infrastructure, which totes financing issues and political tug-of-war. China also has unreported copper inventories, which could equal hundreds of thousands of tons.

Global copper consumption was 22.4Mt in 2015, with China remaining the largest copper consumer with 45% of the global total. Chinese copper consumption increased by 5.3%, despite reduced economic growth and relatively poor performance in the housing sector.

More industry insights can be derived from the  report about global copper mining industry together with the key factors affecting the industry and demand for the commodity