Regardless of a good provide scenario, demand from the power transition has largely been muted as China, historically the most important shopper of copper for its infrastructure, works to stimulate its flagging economic system.
The forecast for copper over the following few years is that the copper market will transfer into provide deficits, which in flip ought to present extra tailwinds for the worth of copper and better upside to firm stability sheets.
For traders enthusiastic about copper, it’s value taking a look at manufacturing by nation. In response to the newest 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 offered by Mining Information On-line (MDO).
Chile once more took the crown to develop into the highest copper producing nation final 12 months, however among the others on the checklist might shock you. Learn on to seek out out the highest 10 copper nations 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 % of the full international copper output.
Naturally, lots 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 house to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the most important copper mine on the planet with an annual output within the 2 million metric ton vary. In response to MDO, BHP owns a 57.5 % stake within the operation, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) proudly owning 30 % and Jeco holding the remaining stake
In response to BHP’s 2024 annual report, the corporate’s portion of Escondida manufacturing got here in at 1.13 million MT of copper in 2024.
Nonetheless, Chile’s copper manufacturing is anticipated to rebound to report ranges in 2025, in response to S&P World, 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 greater than 11 % of worldwide copper output. The DRC has elevated its copper manufacturing quickly lately, and its 2024 output marked a big rise from the two.93 million metric tons of copper produced the earlier 12 months.
One contributor to this improve is Section 3 of the Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mission, 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, a rise from the 393,551 MT produced in 2023. Ivanhoe is anticipating additional will increase in manufacturing in 2025 and set its steerage 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 response to USGS information. The entire is down 160,000 MT from its copper output in 2023.
Among the many elements impacting the declines was a 3.7 % drop at Freeport McMoRan’s (NYSE:FCX) Cerro Verde, the most important copper mine in Peru. In response to 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 as a consequence of 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 vast majority 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 entire was marginally decrease than the 1.82 million metric tons produced in 2023, but additionally marks a gentle decline over the previous few years, seeing manufacturing slip from a latest excessive of 1.91 million metric tons in 2021.
Nonetheless, with regards to refined copper manufacturing, China is by far the winner. In 2024, its refined copper manufacturing totaled 12 million metric tons, representing greater than 44 % of worldwide 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 number one steel producer in China, owns the Qulong copper-molybdenum-silver-gold mine in Tibet. The corporate bought a 50.1 curiosity within the proprietor of the Qulong mine in 2024 and is working to consolidate 100% possession. Zijin elevated its mine manufacturing in 2024 and it’s now the most important copper mine in China.
In response to 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 develop 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. In response to 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 improve considerably to 1.84 billion kilos because the mine begins processing high-grade ore from its Section 7 cutback.
In mid-2024, Amman Minerals commissioned a smelting facility that may course of 900,000 metric tons of copper focus yearly to provide 222,000 MT of copper cathodes and 830,000 MT of sulfuric acid.
6. United States
Copper manufacturing: 1.1 million metric tons
The US produced 1.1 million metric tons of copper in 2024. Whereas solely 30,000 metric tons lower than its 2023 manufacturing totals, the nation’s 2024 output was a pointy decline from the 1.23 million MT it produced in 2022.
The vast majority of US copper comes from Arizona, which accounts for 70 % of home provide. Different states with vital copper output embrace Michigan, Missouri, Montana, Nevada and New Mexico. General, 17 mines are accountable for 99 % 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. In response to 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 large improve from the 890,000 MT produced the earlier 12 months.
One of many key contributions to the rise in Russian copper output is the ramp-up in Section 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 provide as much as 135,000 metric tons of copper in 2024. That is anticipated to develop to 450,000 MT as soon as Section 2 comes on-line in 2028.
8. Australia
Copper manufacturing: 800,000 metric tons
In 2024, Australia produced 800,000 metric tons of copper, a slight improve from the 778,000 MT produced in 2023.
The nation’s largest copper operation is BHP’s Olympic Dam mine in South Australia. In response to MDO information, 2024 marked a ten 12 months excessive in whole copper manufacturing for Olympic Dam at 216,000 metric tons.
The state of Queensland is house to the Mount Isa advanced, run by a subsidiary of Glencore. Whereas it’s one in every of Australia’s largest copper producers, the operations will likely be closed within the second half of 2025.
Australia might have modest output in comparison with these on the prime of the checklist, however it’s tied with Peru for the second highest copper reserves on the planet 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 checklist this 12 months, leapfrogging over Mexico and Zambia.
Kazakhstan’s copper output is up considerably in comparison with only a few years in the past, with the nation producing simply 510,000 MT in 2021.
The nation plans to proceed that pattern, releasing a Nationwide Growth Plan in February 2024 that goals to extend mineral manufacturing by 40 % by 2029. The plan will contain elevated exploration, mission co-financing and tax incentives for funding.
Among the many nation’s largest mining corporations is personal agency KAZ Minerals, which owns the Aktogay mine. In response to the corporate’s This fall 2024 manufacturing report, the mine produced 228,800 metric tons of copper in the course of the 12 months, a decline from the 252,400 MT produced in 2023.
10. Mexico
Copper manufacturing: 700,000 metric tons
Rounding out our checklist 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. In response to 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 funding curiosity in any firm talked about on this article.
