Latest! Top 10 Copper Producing Countries in 2023

Due to weak demand in China, most major commodities have experienced market fluctuations over the past year, and copper is no exception. Analysts predict a strong return in copper demand by 2024, even though it is uncertain whether copper prices will reach the record set in the first half of 2022.

In terms of production, data from the United States Geological Survey (USGS) indicates that global copper production reached 22 million metric tons in 2023, with Chile once again being the world’s largest copper producer.

Here is a list of the top ten copper-producing countries in the world for 2023:

Chile Mine production: 5 million metric tons Chile’s copper production for 2023 slightly decreased to a 15-year low, but S&P Global forecasts production to rebound to a record 6 million metric tons by 2025. Chile remains the top global copper producer, accounting for approximately 23% of global production. Major copper mining companies in Chile include the state-owned Codelco, as well as BHP Group (NYSE:BHP), Anglo American (OTCQX:AAUKF), Glencore (OTCPK:GLCNF), and Antofagasta (OTC Pink:ANFGF).

Peru Mine production: 2.6 million metric tons Despite past anti-government protests affecting production, Peru’s copper production increased by 150,000 tons compared to 2022. The country’s Energy and Mines Minister, Oscar Vera, stated that the approval process for mining projects has been shortened from 2 years to 6 months. Major copper mines in Peru include Quellaveco by Anglo American and Tia Maria by Southern Copper Corp (NYSE:SCCO), with most of the copper being exported to China, Japan, South Korea, and Germany.

Democratic Republic of the Congo Mine production: 2.5 million metric tons In recent years, the Democratic Republic of the Congo has seen a rapid increase in copper production, with a 150,000-ton increase in production in 2023 compared to the previous year. The country contributes over 11% of global production and is poised to potentially surpass Peru as the world’s second-largest copper producer. Key copper assets in the country include the Kamoa-Kakula project, a joint venture between Ivanhoe Mines (TSX:IVN) and Zijin Mining Group (OTC Pink:ZIJMY).

China Mine production: 1.7 million metric tons China’s copper production in 2023 decreased by 240,000 tons from the previous year but remains the largest consumer of copper globally, relying heavily on imports. However, China’s refined copper production totaled 12 million metric tons in 2023, accounting for over 44% of global production, six times more than second-ranked Chile. Zijin Mining is a major metal producer in China, operating mines like Zijinshan and the Jiulong copper mine in Tibet.

United States Mine production: 1.1 million metric tons In 2023, copper production in the United States declined by 10% but still ranks among the top ten copper-exporting countries globally. The majority of copper production in the U.S. comes from states like Arizona, New Mexico, Utah, Nevada, Montana, Michigan, and Missouri, with 17 out of 25 copper mines contributing to 99% of the total output.

Russia Mine production: 910,000 metric tons Russia’s copper production in 2023 slightly decreased from 936,000 tons in 2022. The country’s largest copper mine, Udokan, is located in Siberia and owned by Udokan Copper. The company planned to invest $125,000 to develop a mine and smelter, with copper concentrate production starting in September 2023.

Indonesia Mine production: 840,000 metric tons Indonesia’s copper production significantly increased from 734,000 tons in 2021 to 941,000 tons in 2022 but decreased by 101,000 tons in the following year. The country’s largest copper mine is Grasberg, owned by PT Freeport Indonesia, a subsidiary of Freeport-McMoRan Inc (NYSE:FCX). The mining rights for Grasberg are set to expire in 2041, and negotiations are ongoing between Freeport and the Indonesian government to extend this.

Australia Mine production: 810,000 metric tons Australia’s copper production remained stable at 810,000 tons, with major mines including Olympic Dam in South Australia and Mount Isa in Queensland. These mines process a combined 6.5 million tons of ore annually.

Zambia Mine production: 760,000 metric tons Zambia’s copper production declined by 10,000 tons in 2023, showing a more significant decrease compared to 84.2 million tons in 2021. The country’s copper production is dominated by four major mines, including Lumwana operated by Barrick Gold (TSX:ABX) (NYSE:GOLD) and Kansanshi operated by First Quantum Minerals (TSX:FM) (OTC Pink:FQVLF). In 2021, the Zambian government completed the acquisition of 100% equity in the major copper producer Mopani Copper Mines.

Mexico Mine production: 750,000 metric tons Mexico’s copper production remained relatively stable at 750,000 tons, compared to 754,000 tons in the previous year. One of the country’s largest copper mines is the Buenavista del Cobre operation, operated by Grupo Mexico in the state of Sonora, which is Mexico’s largest copper-producing state to date.