Top 10 Copper Producers by Country | Commodities

In 2024, concern grew about copper provide as copper mines within the prime copper-producing international locations continued to age with out new mines to switch them.

Moreover, copper demand from electrification is predicted to rise considerably within the coming years.

The competing forces of the worldwide macroeconomic scenario and a tightening provide and demand scenario brought on main swings within the copper price final 12 months, and the purple steel set a new all-time high in Could 2024 because it moved above the US$5 per pound mark for the primary time.

Regardless of a tight provide scenario, demand from the power transition has largely been muted as China, historically the most important client of copper for its infrastructure, works to stimulate its flagging financial system.

The forecast for copper over the subsequent few years is that the copper market will transfer into provide deficits, which in flip ought to present more tailwinds for the price of copper and higher upside to company steadiness sheets.

For buyers fascinated with copper, it’s value taking a look at manufacturing by nation. Based on the latest US Geological Survey information, international copper manufacturing reached 23 million metric tons (MT) in 2024. Mining output figures for this text had been supplemented with information supplied by Mining Information On-line (MDO).

Chile again took the crown to change into the highest copper producing nation final 12 months, however some of the others on the record could shock you. Learn on to seek out out the highest 10 copper international locations and what mines are driving every nation’s copper output.

1. Chile

Copper manufacturing: 5.3 million metric tons

In 2024, Chile produced 5.3 million metric tons of copper, making it the world’s largest copper producing nation with about 23 p.c of the overall international copper output.

Naturally, many of the world’s main copper miners have substantial operations in Chile, together with the state-owned Codelco, Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Antofagasta (LSE:ANTO,OTC Pink:ANFGF).

Chile can also be home to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the most important copper mine within the world with an annual output within the 2 million metric ton vary. Based on MDO, BHP owns a 57 p.c stake within the operation, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) proudly owning 30 p.c and Mitsubishi (OTC Pink:MSBHF,TSE:8058) holding the remaining stake

Based on BHP’s 2024 annual report, the company’s portion of Escondida manufacturing got here in at 1.13 million MT of copper in 2024.

Nevertheless, Chile’s copper manufacturing is predicted to rebound to document ranges in 2025, in line with S&P International, to hit a projected 6 million MT as new mines ramp up their output.

2. Democratic Republic of Congo

Copper manufacturing: 3.3 million metric tons

In 2024, the Democratic Republic of Congo (DRC) produced 3.3 million metric tons of copper, accounting for more than 11 p.c of international copper output. The DRC has elevated its copper manufacturing quickly lately, and its 2024 output marked a vital rise from the two.93 million metric tons of copper produced the earlier 12 months.

One contributor to this increase is Part 3 of the Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula project, which achieved business manufacturing in August 2024. A three way partnership with accomplice Zijin Mining Group (OTC Pink:ZIJMY,SHA:601899), Kamoa-Kakula produced 437,061 MT of copper in 2024, an increase from the 393,551 MT produced in 2023. Ivanhoe is anticipating additional will increase in manufacturing in 2025 and set its steering for the 12 months at 520,000 and 580,000 MT of copper.

3. Peru

Copper manufacturing: 2.6 million metric tons

In 2024, Peru produced 2.6 million metric tons of copper, in line with USGS information. The overall is down 160,000 MT from its copper output in 2023.

Among the many elements impacting the declines was a 3.7 p.c drop at Freeport McMoRan’s (NYSE:FCX) Cerro Verde, the most important copper mine in Peru. Based on information from MDO, Cerro Verde produced 1.94 million metric tons of copper focus in 2023. Freeport McMoRan indicated in its Q1 2024 report that declines in its South American operations had been resulting from decrease volumes of stockpiled leach ore and decrease milling charges related to upkeep.

Different vital copper operations in Peru embrace Anglo American’s Quellaveco mine and Southern Copper’s (NYSE:SCCO) Tia Maria mine. The bulk of copper produced in Peru is shipped to China and Japan, and South Korea and Germany are different prime export locations.

4. China

Copper manufacturing: 1.8 million metric tons

In 2024, China produced 1.8 million metric tons of copper. The overall was marginally decrease than the 1.82 million metric tons produced in 2023, but additionally marks a regular decline over the previous few years, seeing manufacturing slip from a latest high of 1.91 million metric tons in 2021.

Nevertheless, in the case of refined copper manufacturing, China is by far the winner. In 2024, its refined copper manufacturing totaled 12 million metric tons, representing more than 44 p.c of international refined copper manufacturing and 6 instances the manufacturing of Chile, the next-top refinery producer. China additionally holds the world’s highest copper reserves at 190 million MT.

Zijin Mining Group, a main steel producer in China, owns the Qulong copper-molybdenum-silver-gold mine in Tibet. The company bought a 50.1 curiosity within the proprietor of the Qulong mine in 2024 and is working to consolidate one hundred pc possession. Zijin elevated its mine manufacturing in 2024 and it’s now the most important copper mine in China.

Based on MDO, the Qulong mine produced 340 million kilos of copper in 2023. Whereas its 2024 copper manufacturing continues to be being finalized, it’s estimated to have elevated to 366 million kilos.

5. Indonesia

Copper manufacturing: 1.1 million metric tons

In 2024, Indonesia produced 1.1 million metric tons of copper, passing america and Russia to change into the fifth highest copper producer. The nation’s copper manufacturing has elevated steadily lately, and is up considerably from 907,000 MT in 2023 and 731,000 MT in 2021.

Freeport McMoRan’s Grasberg advanced is the nation’s largest copper mine. Based on MDO information, the mine produced 1.66 billion kilos of copper in 2023.

One other of the nation’s largest operations is PT Amman Mineral’s (IDX:AMMN,FWB:U4Z) Batu Hijau mine. Whereas manufacturing in 2023 was modest in comparison with Grasberg at 542 million kilos of copper focus, it’s estimated that 2024 will see manufacturing increase considerably to 1.84 billion kilos because the mine begins processing high-grade ore from its Part 7 cutback.

In mid-2024, Amman Minerals commissioned a smelting facility that may course of 900,000 metric tons of copper focus yearly to supply 222,000 MT of copper cathodes and 830,000 MT of sulfuric acid.

6. United States

Copper manufacturing: 1.1 million metric tons

The USA produced 1.1 million metric tons of copper in 2024. Whereas solely 30,000 metric tons much less than its 2023 manufacturing totals, the nation’s 2024 output was a sharp decline from the 1.23 million MT it produced in 2022.

The bulk of US copper comes from Arizona, which accounts for 70 p.c of home provide. Different states with vital copper output embrace Michigan, Missouri, Montana, Nevada and New Mexico. Total, 17 mines are chargeable for 99 p.c of copper manufacturing in america.

Freeport McMoRan’s Morenci mine in Arizona, a three way partnership with Sumitomo (TSE:8053), is the most important copper mine within the US. Based on MDO information, the mine produced 700 million kilos of copper steel in 2024 and has 12.63 million kilos of confirmed and possible reserves.

Different vital operations embrace Freeport McMoRan’s Safford and Sierrita mines, at which copper manufacturing totaled 249 million MT and 165 million MT respectively.

7. Russia

Copper manufacturing: 930,000 metric tons

Russia produced 930,000 metric tons of copper in 2024, a sizable increase from the 890,000 MT produced the earlier 12 months.

One of the important thing contributions to the rise in Russian copper output is the ramp-up in Part 1 manufacturing at Udokan Copper’s Udokan mine in Siberia. Though the mine skilled a number of fires on the very finish of 2023, copper manufacturing was reported to be unaffected. The mine was anticipated to supply up to 135,000 metric tons of copper in 2024. That is anticipated to grow to 450,000 MT as soon as Part 2 comes online in 2028.

8. Australia

Copper manufacturing: 800,000 metric tons

In 2024, Australia produced 800,000 metric tons of copper, a slight increase from the 778,000 MT produced in 2023.

The nation’s largest copper operation is BHP’s Olympic Dam mine in South Australia. Based on MDO information, 2024 marked a 10 12 months high in complete copper manufacturing for Olympic Dam at 216,000 metric tons.

The state of Queensland is home to the Mount Isa advanced, run by a subsidiary of Glencore. Whereas it’s one of Australia’s largest copper producers, the operations will likely be closed within the second half of 2025.

Australia could have modest output in comparison with these on the prime of the record, however it’s tied with Peru for the second highest copper reserves within the world at 100 million metric tons, behind solely China with 190 million metric tons.

9. Kazakhstan

Copper manufacturing: 740,000 metric tons

In 2024, Kazakhstan produced 740,000 metric tons of copper, on par with 2023’s manufacturing totals. Though its manufacturing was unchanged year-over-year, the nation entered the highest 10 copper producers record this 12 months, leapfrogging over Mexico and Zambia.

Kazakhstan’s copper output is up considerably in comparison with simply a few years in the past, with the nation producing simply 510,000 MT in 2021.

The nation plans to proceed that development, releasing a Nationwide Growth Plan in February 2024 that goals to increase mineral manufacturing by 40 p.c by 2029. The plan will contain elevated exploration, project co-financing and tax incentives for investment.

Among the many nation’s largest mining firms is non-public firm KAZ Minerals, which owns the Aktogay mine. Based on the company’s This fall 2024 manufacturing report, the mine produced 228,800 metric tons of copper during the 12 months, a decline from the 252,400 MT produced in 2023.

10. Mexico

Copper manufacturing: 700,000 metric tons

Rounding out our record of prime copper producers, Mexico produced 700,000 metric tons of copper in 2024, simply 1,000 MT above its 2023 output.

The Buenavista del Cobre mine in Sonora, owned by Grupo Mexico (BMV:GMEXICOB), is the most important copper mine within the nation. Based on MDO information, the mine produced 725 million kilos of copper focus and 193 million kilos of copper cathode in 2023.

As well as, Grupo Mexico additionally owns Mexico’s second-largest copper mine, La Caridad, which produced 387,000 MT of copper focus and 51 million kilos of copper cathode in 2023.

Don’t neglect to observe us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, maintain no direct investment curiosity in any company talked about on this article.

The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.