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Global copper production reached 23 million metric tons (MT) in 2024, but growing concerns over aging mines and lagging new project development have intensified fears of a supply crunch. While demand for copper—driven by electrification and energy transitions—is projected to surge, short-term consumption has been muted by China’s economic slowdown, traditionally the largest consumer of the red metal.
Tightening supply and macroeconomic volatility pushed copper prices to historic highs in May 2024, surpassing US$5 per pound for the first time. Analysts predict the copper market will shift into supply deficits in the coming years, further supporting price rallies and bolstering mining companies’ balance sheets.
Below is the 2024 ranking of the world’s top copper-producing countries, based on data from the U.S. Geological Survey (USGS) and Mining Data Online (MDO):
Chile retained its position as the world’s top copper producer, accounting for 23% of global output with 5.3 million MT. Key operations include the Escondida mine, the world’s largest copper mine (57% owned by BHP), which contributed 1.13 million MT in 2024. Despite current constraints, S&P Global forecasts Chile’s production will rebound to a record 6 million MT in 2025 as new mines ramp up.
The DRC saw a 12.6% year-on-year surge in output to 3.3 million MT (over 11% of global production), driven by Phase 3 of the Kamoa-Kakula project, a joint venture between Ivanhoe Mines and Zijin Mining. The project produced 437,061 MT of copper in 2024, with 2025 guidance set at 520,000–580,000 MT, cementing its role as Africa’s copper growth engine.
Peru’s copper output fell 6% to 2.6 million MT, partly due to a 3.7% drop at Freeport McMoRan’s Cerro Verde mine, the country’s largest operation, which produced 1.94 million MT of concentrate in 2023. Other key mines include Anglo American’s Quellaveco and Southern Copper’s Tia Maria. Most Peruvian copper is exported to China, Japan, South Korea, and Germany.
China’s mined copper production declined for the third consecutive year to 1.8 million MT. However, it dominates refined copper production at 12 million MT (44% of global output) and holds the world’s largest copper reserves (190 million MT). Zijin Mining’s Qulong mine in Tibet, acquired in 2024, is now China’s largest copper mine, with estimated 2024 output rising to 366 million pounds.
Indonesia surged 21% year-on-year to 1.1 million MT, overtaking the U.S. and Russia. Freeport’s Grasberg mine and PT Amman Mineral’s Batu Hijau mine (projected to produce 1.84 billion pounds in 2024) are key contributors. A new smelter commissioned in 2024 will process 900,000 MT of concentrate annually, strengthening Indonesia’s downstream capacity.
U.S. output dipped slightly to 1.1 million MT, with Arizona contributing 70% of domestic supply. Freeport’s Morenci mine, a joint venture with Sumitomo, remains the largest producer (700 million pounds in 2024), while the Safford and Sierrita mines added 249 million and 165 million pounds, respectively.
Russia’s production rose 4.5% to 930,000 MT, supported by Phase 1 of Udokan Copper’s Udokan mine in Siberia, expected to deliver 135,000 MT in 2024. Phase 2, set for 2028, could boost output to 450,000 MT, positioning it as a strategic growth asset.
Australia’s output edged up to 800,000 MT, led by BHP’s Olympic Dam mine, which hit a decade-high 216,000 MT. Despite the impending closure of Glencore’s Mount Isa complex in 2025, Australia holds the world’s second-largest copper reserves (100 million MT), tied with Peru and trailing only China.
Kazakhstan entered the top 10 for the first time, maintaining 2023’s output of 740,000 MT. KAZ Minerals’ Aktogay mine produced 228,800 MT in 2024. The government aims to boost mineral production by 40% by 2029 through tax incentives and exploration funding.
Mexico rounded out the list with 700,000 MT, driven by Grupo Mexico’s Buenavista del Cobre and La Caridad mines. However, lackluster growth highlights resource constraints, with combined 2023 production from these mines exceeding 1.1 million MT.
Outlook
The copper market faces a critical transition as aging mines and geopolitical risks collide with expansions in Chile, the DRC, and Indonesia. China’s dominance in refining and reserves underscores its growing influence over the supply chain. Investors are urged to monitor major miners and emerging projects to capitalize on the impending supply-demand imbalance.
