In 2024, concern grew about copper supply as copper mines in the top copper-producing countries continued to age without new mines to replace them.
Additionally, copper demand from electrification is expected to rise significantly in the coming years.
The competing forces of the global macroeconomic situation and a tightening supply and demand situation caused major swings in the copper price last year, and the red metal set a new all-time high in May 2024 as it moved above the US$5 per pound mark for the first time.
Despite a tight supply situation, demand from the energy transition has largely been muted as China, traditionally the largest consumer of copper for its infrastructure, works to stimulate its flagging economy.
The forecast for copper over the next few years is that the copper market will move into supply deficits, which in turn should provide more tailwinds for the price of copper and greater upside to company balance sheets.
For investors interested in copper, it’s worth looking at production by country. According to the latest US Geological Survey data, global copper production reached 23 million metric tons (MT) in 2024. Mining output figures for this article were supplemented with data provided by Mining Data Online (MDO).
Chile again took the crown to become the top copper producing country last year, but some of the others on the list may surprise you. Read on to find out the top 10 copper countries and what mines are driving each country’s copper output.
1. Chile
Copper production: 5.3 million metric tons
In 2024, Chile produced 5.3 million metric tons of copper, making it the world’s largest copper producing country with about 23 percent of the total global copper output.
Naturally, many of the world’s leading copper miners have substantial operations in Chile, including the state-owned Codelco, Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Antofagasta (LSE:ANTO,OTC Pink:ANFGF).
Chile is also home to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the largest copper mine in the world. According to BHP’s 2024 annual report, the mine produced 1.13 million metric tons of copper in 2024.
However, Chile’s copper production is expected to rebound to record levels in 2025, according to S&P Global, to hit a projected 6 million MT as new mines ramp up their output.
2. Democratic Republic of Congo
Copper production: 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 percent of global copper output. The DRC has increased its copper production rapidly in recent years, and its 2024 output marked a significant rise from the 2.93 million metric tons of copper produced the previous year.
One contributor to this increase is Phase 3 of the Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula project, which achieved commercial production in August 2024. A joint venture with partner 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 expecting further increases in production in 2025 and set its guidance for the year at 520,000 and 580,000 MT of copper.
3. Peru
Copper production: 2.6 million metric tons
In 2024, Peru produced 2.6 million metric tons of copper, according to USGS data. The total is down 160,000 MT from its copper output in 2023.
Among the factors impacting the declines was a 3.7 percent drop at Freeport McMoRan’s (NYSE:FCX) Cerro Verde, the largest copper mine in Peru. According to data from MDO, Cerro Verde produced 1.94 million metric tons of copper concentrate in 2023. Freeport McMoRan indicated in its Q1 2024 report that declines in its South American operations were due to lower volumes of stockpiled leach ore and lower milling rates associated with maintenance.
Other significant copper operations in Peru include Anglo American’s Quellaveco mine and Southern Copper’s (NYSE:SCCO) Tia Maria mine. The majority of copper produced in Peru is shipped to China and Japan, and South Korea and Germany are other top export destinations.
4. China
Copper production: 1.8 million metric tons
In 2024, China produced 1.8 million metric tons of copper. The total was marginally lower than the 1.82 million metric tons produced in 2023, but also marks a steady decline over the past few years, seeing production slip from a recent high of 1.91 million metric tons in 2021.
However, when it comes to refined copper production, China is by far the winner. In 2024, its refined copper production totaled 12 million metric tons, representing more than 44 percent of global refined copper production and six times the production of Chile, the next-top refinery producer. China also holds the world’s highest copper reserves at 190 million MT.
Zijin Mining Group, a leading metal producer in China, owns the Qulong copper-molybdenum-silver-gold mine in Tibet. The company purchased a 50.1 interest in the owner of the Qulong mine in 2024 and is working to consolidate 100 percent ownership. Zijin increased its mine production in 2024 and it is now the largest copper mine in China.
According to MDO, the Qulong mine produced 340 million pounds of copper in 2023. While its 2024 copper production is still being finalized, it is estimated to have increased to 366 million pounds.
5. Indonesia
Copper production: 1.1 million metric tons
In 2024, Indonesia produced 1.1 million metric tons of copper, passing the United States and Russia to become the fifth highest copper producer. The country’s copper production has increased steadily in recent years, and is up significantly from 907,000 MT in 2023 and 731,000 MT in 2021.
Freeport McMoRan’s Grasberg complex is the country’s largest copper mine. According to MDO data, the mine produced 1.66 billion pounds of copper in 2023.
Another of the country’s largest operations is PT Amman Mineral’s (IDX:AMMN,FWB:U4Z) Batu Hijau mine. While production in 2023 was modest compared to Grasberg at 542 million pounds of copper concentrate, it’s estimated that 2024 will see production increase significantly to 1.84 billion pounds as the mine begins processing high-grade ore from its Phase 7 cutback.
In mid-2024, Amman Minerals commissioned a smelting facility that will process 900,000 metric tons of copper concentrate annually to produce 222,000 MT of copper cathodes and 830,000 MT of sulfuric acid.
6. United States
Copper production: 1.1 million metric tons
The United States produced 1.1 million metric tons of copper in 2024. While only 30,000 metric tons less than its 2023 production totals, the country’s 2024 output was a sharp decline from the 1.23 million MT it produced in 2022.
The majority of US copper comes from Arizona, which accounts for 70 percent of domestic supply. Other states with significant copper output include Michigan, Missouri, Montana, Nevada and New Mexico. Overall, 17 mines are responsible for 99 percent of copper production in the United States.
Freeport McMoRan’s Morenci mine in Arizona, a joint venture with Sumitomo (TSE:8053), is the largest copper mine in the US. According to MDO data, the mine produced 700 million pounds of copper metal in 2024 and has 12.63 million pounds of proven and probable reserves.
Other significant operations include Freeport McMoRan’s Safford and Sierrita mines, at which copper production totaled 249 million MT and 165 million MT respectively.
7. Russia
Copper production: 930,000 metric tons
Russia produced 930,000 metric tons of copper in 2024, a sizable increase from the 890,000 MT produced the previous year.
One of the key contributions to the rise in Russian copper output is the ramp-up in Phase 1 production at Udokan Copper’s Udokan mine in Siberia. Although the mine experienced multiple fires at the very end of 2023, copper production was reported to be unaffected. The mine was expected to produce up to 135,000 metric tons of copper in 2024. This is expected to grow to 450,000 MT once Phase 2 comes online in 2028.
8. Australia
Copper production: 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 country’s largest copper operation is BHP’s Olympic Dam mine in South Australia. According to MDO data, 2024 marked a 10 year high in total copper production for Olympic Dam at 216,000 metric tons.
The state of Queensland is home to the Mount Isa complex, run by a subsidiary of Glencore. While it is one of Australia’s largest copper producers, the operations will be closed in the second half of 2025.
Australia may have modest output compared to those at the top of the list, but it is tied with Peru for the second highest copper reserves in the world at 100 million metric tons, behind only China with 190 million metric tons.
9. Kazakhstan
Copper production: 740,000 metric tons
In 2024, Kazakhstan produced 740,000 metric tons of copper, on par with 2023’s production totals. Although its production was unchanged year-over-year, the country entered the top 10 copper producers list this year, leapfrogging over Mexico and Zambia.
Kazakhstan’s copper output is up substantially compared to just a few years ago, with the country producing just 510,000 MT in 2021.
The nation plans to continue that trend, releasing a National Development Plan in February 2024 that aims to increase mineral production by 40 percent by 2029. The plan will involve increased exploration, project co-financing and tax incentives for investment.
Among the country’s largest mining companies is private firm KAZ Minerals, which owns the Aktogay mine. According to the company’s Q4 2024 production report, the mine produced 228,800 metric tons of copper during the year, a decline from the 252,400 MT produced in 2023.
10. Mexico
Copper production: 700,000 metric tons
Rounding out our list of top copper producers, Mexico produced 700,000 metric tons of copper in 2024, just 1,000 MT above its 2023 output.
The Buenavista del Cobre mine in Sonora, owned by Grupo Mexico (BMV:GMEXICOB), is the largest copper mine in the country. According to MDO data, the mine produced 725 million pounds of copper concentrate and 193 million pounds of copper cathode in 2023.
In addition, Grupo Mexico also owns Mexico’s second-largest copper mine, La Caridad, which produced 387,000 MT of copper concentrate and 51 million pounds of copper cathode in 2023.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
