BHP Billiton, the Anglo-Australian mining company, announced the serious influence of China’s One Belt and One Road initiative on global copper demand, Reuters reports. An analysis by the company showed that China’s overseas expansion under this initiative, where 115 partners are already involved around the world, will lead to an increase in copper consumption by 1 million 600 thousand tons over the 10 years of the initiative until 2023. Annual demand will increase by about 7%. The company expects a significant increase in demand from firms producing cars, equipment and consumer durable goods. China, which has huge copper smelting capacities, will benefit from the growing demand for this metal.
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