Global Copper Production Landscape: Top 10 Nations

In 2024, the copper industry faced growing concerns about supply as aging mines in major producing countries struggled to keep pace with demand, particularly from the electrification sector. The interplay between global economic factors and tightening supply-demand dynamics led to significant price fluctuations, with copper reaching an unprecedented high above US$5 per pound in May 2024.

Despite supply constraints, demand from the energy transition sector remained subdued, primarily due to China’s efforts to revitalize its economy. Looking ahead, analysts predict copper market deficits in the coming years, potentially boosting prices and improving company balance sheets.

For those interested in copper investments, examining production by country offers valuable insights. According to the latest geological survey data, global copper production reached 23 million metric tons (MT) in 2024. Let’s explore the top 10 copper-producing nations and the key mines driving their output.

1. Chile: The Copper Giant

Chile maintained its position as the world’s leading copper producer in 2024, with an output of 5.3 million metric tons, accounting for approximately 23% of global production. The country hosts operations from major mining companies, including the state-owned Codelco and international players like Anglo American and Antofagasta.

The Escondida mine, operated by BHP, stands out as the world’s largest copper mine, with an annual output of around 2 million metric tons. BHP’s 2024 annual report indicated that its share of Escondida’s production reached 1.13 million MT.

Projections suggest Chile’s copper production could rebound to record levels in 2025, potentially reaching 6 million MT as new mines ramp up operations.

2. Democratic Republic of Congo: Rising Star

The Democratic Republic of Congo (DRC) significantly increased its copper production to 3.3 million metric tons in 2024, representing over 11% of global output. This marked a substantial rise from the previous year’s 2.93 million metric tons.

A key contributor to this growth was the Kamoa-Kakula project, which achieved commercial production in August 2024. The joint venture produced 437,061 MT of copper in 2024, up from 393,551 MT in 2023, with expectations of further increases in 2025.

3. Peru: Navigating Challenges

Peru’s copper production reached 2.6 million metric tons in 2024, a slight decline from the previous year. Factors impacting output included a 3.7% drop at the Cerro Verde mine, Peru’s largest copper operation.

Other significant copper mines in Peru include the Quellaveco and Tia Maria operations. The majority of Peruvian copper is exported to Asian markets, with China and Japan being primary destinations.

4. China: Refining Powerhouse

While China’s copper mine production slightly decreased to 1.8 million metric tons in 2024, the country dominates in refined copper production. In 2024, China’s refined copper output totaled 12 million metric tons, representing over 44% of global production.

The Qulong copper-molybdenum-silver-gold mine in Tibet, owned by a leading Chinese metal producer, has become the country’s largest copper mine. Its production is estimated to have increased to 366 million pounds in 2024.

5. Indonesia: Rapid Growth

Indonesia’s copper production surged to 1.1 million metric tons in 2024, surpassing both the United States and Russia. This marked a significant increase from 907,000 MT in 2023 and 731,000 MT in 2021.

The Grasberg complex remains the country’s largest copper mine, while the Batu Hijau mine is expected to see substantial production increases as it begins processing high-grade ore from its Phase 7 cutback.

6. United States: Domestic Supply

The United States produced 1.1 million metric tons of copper in 2024, with Arizona accounting for 70% of domestic supply. The Morenci mine in Arizona, a joint venture operation, stands as the largest copper mine in the country.

Other significant U.S. operations include the Safford and Sierrita mines, which contributed substantially to the nation’s copper output.

7. Russia: Expanding Production

Russia’s copper production rose to 930,000 metric tons in 2024, up from 890,000 MT the previous year. The increase was partly attributed to the ramp-up of Phase 1 production at the Udokan mine in Siberia, which is expected to further expand its output in coming years.

8. Australia: Steady Growth

Australia produced 800,000 metric tons of copper in 2024, a slight increase from 2023. The Olympic Dam mine in South Australia achieved a 10-year high in total copper production at 216,000 metric tons.

Despite its modest output compared to top producers, Australia boasts the second-highest copper reserves globally, tied with Peru at 100 million metric tons.

9. Kazakhstan: Emerging Player

Kazakhstan’s copper production held steady at 740,000 metric tons in 2024, marking its entry into the top 10 list. The country has ambitious plans to increase mineral production by 40% by 2029 through increased exploration and investment incentives.

10. Mexico: Consistent Output

Mexico rounded out the top 10 with 700,000 metric tons of copper production in 2024, maintaining levels similar to the previous year. The Buenavista del Cobre mine in Sonora and the La Caridad mine are the country’s largest copper operations, contributing significantly to its overall output.

As the global demand for copper continues to evolve, particularly driven by the green energy transition, these top-producing nations will play crucial roles in shaping the future of the copper market.