Recently, I’ve been studying the global copper mining supply landscape and found an interesting phenomenon—although copper prices hit new highs last year, the supply pressure behind it continues to intensify. In 2024, global copper mine production reached 23 million tons, which sounds like a lot, but behind this number lies a problem: old mines are aging, new mines are not keeping up, and the demand for copper due to electrification is still rising.

In terms of production rankings, Chile remains firmly in first place, producing 5.3 million tons last year, accounting for about 23% of the global total, making it the world’s largest copper producer. Their Escondida mine is the largest copper mine in the world, with an annual capacity of around 2 million tons. Close behind is the Democratic Republic of the Congo, with a production of 3.3 million tons, and its growth rate is quite fast. Peru ranks third with 2.6 million tons, but it actually declined compared to the previous year.

Interestingly, although China only produces 1.8 million tons of raw copper ore, its refined copper output reaches 12 million tons, accounting for over 44% of the global refined copper production. This shows how strong China’s copper smelting capacity is. Indonesia has performed well in the past two years, with a production of 1.1 million tons, surpassing the United States and Russia. The US produces only 1.1 million tons, mainly concentrated in Arizona, which contributes 70% of U.S. output.

Russia produced 930k tons last year, Australia 800k tons, Kazakhstan 740k tons, and Mexico is at the bottom with 700k tons. Looking at this ranking, I notice a trend: traditional large copper mines are under capacity pressure, but emerging markets’ output is gradually increasing. For example, the Kamoa-Kakula project in the Democratic Republic of the Congo produced 437k tons in 2024, and it is expected to continue growing this year.

If this supply-tight situation persists, the copper market could enter a supply deficit phase in the coming years. From an investment perspective, this could support copper prices and the performance of related companies. To gain deeper insights into the global copper mining landscape, you can follow the performance of copper-related assets on Gate, especially the stocks of major copper mining companies.