Global Copper Output Hierarchy: Where the World's Leading Copper Producers Stand in 2024

The copper market faced a pivotal year in 2024, marked by conflicting pressures that reshaped pricing dynamics. On one hand, demand for the red metal surged as the energy transition accelerated globally, pushing prices to unprecedented levels—breaking above $5 per pound in May for the first time ever. On the other hand, supply challenges emerged as aging mines in major copper-producing regions continued operating without sufficient new capacity coming online to offset depletion.

What’s particularly noteworthy is that China, traditionally the world’s consumption engine, remained subdued in its copper appetite due to domestic economic headwinds, even as global electrification trends intensified. Market analysts now forecast a shift toward structural supply deficits over the coming years, a development that could provide sustained upward pressure on copper valuations and benefit major production companies.

According to the latest US Geological Survey data, 2024 global copper production reached 23 million metric tons. For those seeking exposure to copper through mining investments, understanding which countries dominate output—and which mines drive their production—becomes essential.

1. Chile: The Undisputed Copper Powerhouse

Output: 5.3 million metric tons

Chile cemented its position as the world’s largest copper supplier, accounting for roughly 23 percent of global production. The country’s dominance stems from its combination of geological advantages, mining expertise, and established infrastructure that attracts the world’s premier miners.

Major operators here include state-controlled Codelco, along with international heavyweights like Anglo American, Glencore, and Antofagasta. The crown jewel remains BHP’s Escondida, the planet’s largest copper mine, which generates roughly 2 million metric tons annually. BHP’s 57.5 percent stake produced 1.13 million metric tons in 2024, with Rio Tinto holding 30 percent and Jeco managing the remainder.

Notably, Chilean output is poised to surge in 2025. Industry projections suggest production could reach 6 million metric tons as newer mining operations ramp up their extraction rates, signaling strengthening supply from this critical region.

2. Democratic Republic of Congo: The Rising Supply Source

Output: 3.3 million metric tons

Congo’s copper production narrative shifted dramatically in 2024, with output climbing to 3.3 million metric tons—an 11 percent share of worldwide supply and a substantial jump from the 2.93 million metric tons produced in 2023. This acceleration reflects years of infrastructure investment finally bearing fruit.

A significant catalyst was Phase 3 of Ivanhoe Mines’ Kamoa-Kakula project achieving commercial production in August 2024. The operation, developed through a joint venture with Zijin Mining Group, delivered 437,061 metric tons of copper in 2024, up from 393,551 metric tons the prior year. Management guidance for 2025 points to further expansion, with production expected between 520,000 and 580,000 metric tons.

3. Peru: Navigating Production Setbacks

Output: 2.6 million metric tons

Peru produced 2.6 million metric tons of copper in 2024, marking a 160,000 metric ton decline from 2023. Several headwinds contributed to this contraction, notably operational challenges at Freeport McMoRan’s Cerro Verde, Peru’s flagship copper asset, which saw output drop 3.7 percent.

Freeport attributed production declines to reduced stockpiled ore volumes and maintenance-related milling rate reductions. Beyond Cerro Verde, Peru’s copper sector encompasses Anglo American’s Quellaveco operation and Southern Copper’s development efforts. Export patterns show China and Japan absorbing the majority of Peruvian copper, with South Korea and Germany as secondary destinations.

4. China: Refining Rather Than Mining

Output: 1.8 million metric tons (mine production)

China’s mine-based copper output stood at 1.8 million metric tons in 2024, essentially flat versus 2023’s 1.82 million metric tons but continuing a multi-year decline from the 1.91 million metric ton peak reached in 2021. However, this statistic masks China’s true dominance: the nation processes 12 million metric tons of refined copper annually, representing over 44 percent of global refining capacity—six times Peru’s processing volume.

China also holds the world’s largest copper reserves at 190 million metric tons. Zijin Mining Group, a leading regional producer, operates the Qulong copper-molybdenum-silver-gold mine in Tibet, now China’s largest. After acquiring a 50.1 percent stake in 2024, Zijin is consolidating full ownership. The Qulong mine’s output grew from 340 million pounds in 2023 to an estimated 366 million pounds in 2024.

5. Indonesia: Climbing the Global Rankings

Output: 1.1 million metric tons

Indonesia surpassed both the United States and Russia in 2024, solidifying its position as the fifth-largest copper producer with 1.1 million metric tons—a dramatic acceleration from 907,000 metric tons in 2023 and 731,000 metric tons in 2021. This trajectory reflects infrastructure investments and operational expansions across major assets.

Freeport McMoRan’s Grasberg complex anchors Indonesian production at 1.66 billion pounds annually. Complementing this is PT Amman Mineral’s Batu Hijau operation, which processed 542 million pounds in 2023 but is projected to reach 1.84 billion pounds in 2024 as Phase 7 higher-grade ore comes online. Adding momentum, Amman commissioned a smelting facility in mid-2024 capable of processing 900,000 metric tons of copper concentrate annually, yielding 222,000 metric tons of refined copper cathodes.

6. United States: Steady but Declining

Output: 1.1 million metric tons

The United States matched Indonesia’s 2024 output at 1.1 million metric tons, though this masked an underlying contraction. While only 30,000 metric tons below 2023 levels, the 2024 figure represents a sharp pullback from the 1.23 million metric tons produced in 2022.

Arizona dominates domestic supply, contributing 70 percent of national output. Seventeen mines collectively account for 99 percent of US production. Freeport McMoRan’s Morenci operation in Arizona, operated as a joint venture with Sumitomo, represents the nation’s largest mine, generating 700 million pounds of copper metal in 2024. The facility maintains 12.63 billion pounds in proven and probable reserves. Freeport’s Safford and Sierrita mines added 249 million metric tons and 165 million metric tons respectively.

7. Russia: Siberian Expansion Taking Hold

Output: 930,000 metric tons

Russian copper production expanded to 930,000 metric tons in 2024, up from 890,000 metric tons the previous year. This growth primarily reflects the ramp-up of Phase 1 operations at Udokan Copper’s Siberian mine, which despite experiencing fires at year-end 2023, delivered approximately 135,000 metric tons of production as scheduled.

The trajectory becomes more pronounced when Phase 2 launches in 2028, when annual output could climb to 450,000 metric tons, fundamentally reshaping Russia’s role in global copper supply.

8. Australia: Reserves Exceed Output

Output: 800,000 metric tons

Australia generated 800,000 metric tons of copper in 2024, a modest uptick from 778,000 metric tons in 2023. BHP’s Olympic Dam operation in South Australia led production, achieving a 10-year high of 216,000 metric tons. Queensland’s Mount Isa complex, operated by a Glencore subsidiary, represents another major contributor, though operations face closure in mid-2025.

Despite modest current production, Australia ranks second globally in copper reserves at 100 million metric tons, trailing only China’s 190 million metric tons.

9. Kazakhstan: New Entry, Rapid Growth Trajectory

Output: 740,000 metric tons

Kazakhstan newly entered the top 10 rankings in 2024 with 740,000 metric tons of copper, level with 2023 but sufficient to surpass Mexico and Zambia. The country’s ascent is striking: just 510,000 metric tons in 2021 demonstrates the pace of expansion. Kazakhstan’s government reinforced this momentum by releasing a National Development Plan in February 2024 targeting 40 percent growth in mineral production by 2029, supported by enhanced exploration incentives and financing mechanisms.

KAZ Minerals’ Aktogay operation exemplifies this growth story, though 2024 saw output decline to 228,800 metric tons from 252,400 metric tons in 2023.

10. Mexico: Steady State Production

Output: 700,000 metric tons

Mexico rounded out the top 10 with 700,000 metric tons of copper in 2024, essentially unchanged from 2023’s output. Grupo Mexico’s Buenavista del Cobre mine in Sonora serves as the country’s primary producer, generating 725 million pounds of copper concentrate in 2023. Grupo Mexico’s secondary asset, La Caridad, contributed an additional 387,000 metric tons of concentrate and 51 million pounds of refined copper cathode.

The Outlook: Supply Deficits and Market Implications

The convergence of aging production infrastructure, surging electrification demand, and slowing consumption in China sets the stage for a tightening market. As new mines come online in Chile and Congo, while established operations face operational constraints elsewhere, the distribution of global copper production will likely shift—creating winners and losers among both producing nations and individual mining companies positioned to capture the coming supply-constrained era.