Global Copper Supply Landscape: Which Country Is the Largest Producer of Copper?

The global copper market entered a critical phase in 2024, with growing concerns about production capacity at a time when demand from the global energy transition is accelerating. Understanding which country emerged as the largest producer of copper, and how the supply-demand dynamics are shaping, provides crucial context for industry observers and investors alike. This year’s production data reveals a market in flux, with record highs in prices and shifting production centers that deserve closer examination.

In 2024, global copper production reached approximately 23 million metric tons according to the latest US Geological Survey (USGS) data. The red metal’s price dynamics told a compelling story—after significant volatility driven by macroeconomic headwinds, copper surpassed $5 per pound in May 2024, marking an all-time high. Yet despite these elevated prices, supply pressures persist. Aging mines in traditional producing regions continue to operate without sufficient replacement capacity coming online, creating potential supply deficits in the coming years that could further support copper valuations.

The competing forces at play in the copper market reveal an interesting paradox. While the energy transition promises robust long-term demand—particularly for electrification infrastructure—near-term demand has remained surprisingly muted, largely due to China’s economic challenges. China, historically the world’s largest copper consumer for infrastructure development, has been focused on stimulating its economy rather than ramping up construction activity. This temporary demand softness has provided some relief to the market, but forecasters expect the situation to reverse dramatically as global decarbonization efforts accelerate and China’s stimulus measures take effect.

Understanding the Top Copper Producing Nations

The distribution of global copper production is heavily concentrated. The top ten copper-producing countries account for the vast majority of the world’s supply, with distinct geographical and geological advantages shaping each nation’s output capacity. According to Mining Data Online (MDO) and USGS figures, here is how production breaks down:

1. Chile - 5.3 Million Metric Tons

Chile remains by far the largest producer of copper in the world, commanding approximately 23 percent of global output with its 5.3 million metric tons produced in 2024. The country’s dominance stems from world-class ore deposits and the presence of major international mining operations. The Escondida complex, located in northern Chile, represents the crown jewel of global copper mining—it is the world’s single largest copper mine with annual production in the 2 million metric ton range. BHP operates a 57.5 percent stake in Escondida, with Rio Tinto holding 30 percent and Jeco the remainder. BHP’s share of Escondida production delivered 1.13 million MT of copper in 2024.

Other significant Chilean operations include those run by state-owned Codelco, Anglo American, Glencore, and Antofagasta. These companies collectively ensure Chile’s position as the dominant force in global copper supply. Notably, Chile’s production is forecast to surge to approximately 6 million metric tons in 2025, according to S&P Global projections, as new mining projects transition to full production rates. This expansion will further cement Chile’s role as the largest producer of copper over the medium term.

2. Democratic Republic of Congo - 3.3 Million Metric Tons

The Democratic Republic of Congo (DRC) has emerged as a serious challenger to established copper powers, producing 3.3 million metric tons in 2024—representing more than 11 percent of global output. This represents a significant acceleration from the 2.93 million metric tons produced in 2023, demonstrating the rapid development of the nation’s copper resources. The DRC’s expanded capacity has been driven in large part by Phase 3 of the Kamoa-Kakula project operated by Ivanhoe Mines in partnership with Zijin Mining Group.

Kamoa-Kakula achieved commercial production milestones in August 2024 and contributed 437,061 MT of copper that year, up from 393,551 MT in 2023. Management guidance for 2025 projects output between 520,000 and 580,000 MT, signaling continued growth. The DRC’s rising production capacity reflects both abundant geological resources and substantial capital investments, positioning the country as an increasingly important node in global copper supply networks.

3. Peru - 2.6 Million Metric Tons

Peru produced 2.6 million metric tons of copper in 2024, registering a decline of 160,000 MT year-over-year. This contraction reflects production challenges at some of the country’s largest operations. Freeport McMoRan’s Cerro Verde mine, Peru’s largest copper producer, experienced a 3.7 percent decline in output. According to production data, Cerro Verde had yielded 1.94 million metric tons of copper concentrate in 2023, and the decline in 2024 was attributed to lower volumes of available leach ore from stockpiles and reduced milling rates necessitated by maintenance activities.

Peru maintains additional major copper assets through Anglo American’s Quellaveco mine and Southern Copper’s Tia Maria project. The majority of Peru’s copper concentrate and refined copper exports flow to China and Japan, with secondary markets in South Korea and Germany. The country remains a critical supplier to Asian processing and manufacturing hubs.

4. China - 1.8 Million Metric Tons of Mine Production

China’s mine-based copper production reached 1.8 million metric tons in 2024, marginally below the 1.82 million metric tons in 2023 but representing a multi-year decline from the 1.91 million metric tons achieved in 2021. However, the story of China’s copper industry extends far beyond raw ore extraction. When considering refined copper production—the processed form used by manufacturers—China completely dominates the global market.

In 2024, China’s refined copper production totaled an impressive 12 million metric tons, representing over 44 percent of the world’s refined copper supply and six times the refining capacity of Chile, the second-largest refiner. This massive refining capacity allows China to process copper concentrates from around the world, maintaining its position as the heart of global copper supply chains. Additionally, China holds the world’s largest copper reserves at 190 million metric tons.

Zijin Mining Group, one of China’s leading metal producers, operates the Qulong copper-molybdenum-silver-gold mine in Tibet. In 2024, Zijin acquired a 50.1 percent interest in the Qulong mine’s owner and is consolidating toward complete ownership. The Qulong mine, now China’s largest copper mine following Zijin’s expansion efforts, produced an estimated 366 million pounds of copper in 2024, up from 340 million pounds in 2023.

5. Indonesia - 1.1 Million Metric Tons

Indonesia has ascended to the fifth position among copper-producing nations, surpassing both the United States and Russia in 2024 with production of 1.1 million metric tons. This represents a remarkable acceleration in Indonesia’s copper output—the country produced only 907,000 MT in 2023 and just 731,000 MT in 2021. The growth trajectory reflects ongoing development of the nation’s mining infrastructure and resources.

Freeport McMoRan’s Grasberg complex stands as Indonesia’s largest copper operation, having produced 1.66 billion pounds of copper in 2023. PT Amman Mineral’s Batu Hijau mine represents another significant producer, with 2023 output at 542 million pounds of copper concentrate. Production at Batu Hijau is expected to expand substantially in 2024-2025 to approximately 1.84 billion pounds as the operation processes higher-grade ore from its Phase 7 cutback. Furthermore, Amman Minerals commissioned a new smelting facility in mid-2024 designed to process 900,000 metric tons of copper concentrate annually, producing 222,000 MT of copper cathodes and generating 830,000 MT of sulfuric acid as a byproduct.

6. United States - 1.1 Million Metric Tons

The United States and Indonesia are now roughly tied for copper production at approximately 1.1 million metric tons each in 2024. While the US output was only 30,000 MT below 2023 levels, production has declined notably from the 1.23 million MT generated in 2022. Arizona dominates US copper mining, accounting for roughly 70 percent of domestic production, with additional significant output from Michigan, Missouri, Montana, Nevada, and New Mexico. In total, 17 US mines are responsible for 99 percent of national copper production.

Freeport McMoRan’s Morenci mine in Arizona, operated as a joint venture with Japan’s Sumitomo Corporation, ranks as the largest copper mine in the United States. In 2024, Morenci produced 700 million pounds of copper metal and maintains proven and probable reserves of 12.63 million pounds. Other significant American operations include Freeport McMoRan’s Safford mine (249 million MT in 2024) and Sierrita mine (165 million MT in 2024).

7. Russia - 930,000 Metric Tons

Russia’s copper production rose to 930,000 metric tons in 2024, an increase from 890,000 MT in the prior year. The expansion reflects ramping production from Phase 1 of Udokan Copper’s Udokan mine located in Siberia. Although the operation experienced multiple fires at year-end 2023, copper production continued uninterrupted. Udokan was expected to deliver up to 135,000 metric tons of copper in 2024, with Phase 2 development projected to bring production to 450,000 MT when it comes online in 2028.

8. Australia - 800,000 Metric Tons

Australia produced 800,000 metric tons of copper in 2024, a slight uptick from 778,000 MT in 2023. BHP’s Olympic Dam mine in South Australia achieved a 10-year high in 2024 with 216,000 metric tons of copper produced. The Mount Isa complex operated by a Glencore subsidiary in Queensland represents another of Australia’s major copper assets, though operations at Mount Isa are scheduled to close during the second half of 2025.

Despite its relatively modest production volume relative to top producers, Australia holds significant strategic importance due to its copper reserves. The country ranks second globally in reserve holdings at 100 million metric tons, surpassed only by China’s 190 million metric tons. This reserve base provides a long-term production cushion and makes Australia critical to future global copper security.

9. Kazakhstan - 740,000 Metric Tons

Kazakhstan produced 740,000 metric tons of copper in 2024, maintaining production levels roughly equal to 2023. Nonetheless, Kazakhstan entered the top 10 global copper-producing nations list for the first time, leapfrogging Mexico and Zambia. The country’s production has surged substantially in recent years, rising from just 510,000 MT in 2021.

Kazakhstan’s government has signaled commitment to continued mining expansion. In February 2024, the nation released a comprehensive National Development Plan targeting a 40 percent increase in total mineral production by 2029. The strategy incorporates increased exploration activity, project co-financing mechanisms, and tax incentives designed to attract international capital. Among Kazakhstan’s major mining operators is the private company KAZ Minerals, which operates the Aktogay mine. In 2024, Aktogay produced 228,800 metric tons of copper, down from 252,400 MT in 2023.

10. Mexico - 700,000 Metric Tons

Rounding out the top ten copper producers, Mexico generated 700,000 metric tons of copper in 2024, nearly flat with its 2023 output of 699,000 MT. The Buenavista del Cobre mine in Sonora, owned by Grupo Mexico, ranks as the country’s largest copper operation. In 2023, Buenavista produced 725 million pounds of copper concentrate and 193 million pounds of copper cathode. Grupo Mexico also operates Mexico’s second-largest mine, La Caridad, which generated 387,000 metric tons of copper concentrate and 51 million pounds of copper cathode in 2023.

Strategic Reserves and Future Production Outlook

While annual production captures the current state of the copper market, understanding the world’s copper reserves provides perspective on long-term supply dynamics. China maintains the world’s largest copper reserve base at 190 million metric tons, despite producing only 1.8 million metric tons annually from mines. Peru and Australia are tied for second place with 100 million metric tons each. These reserve figures suggest that while Chile dominates current production capacity, other nations possess substantial geological endowments that could support increased future output.

The forecasts for copper over the next 2-3 years suggest the market is transitioning toward supply deficits as new mining projects come online at a slower pace than demand accelerates. This structural tightening, combined with aging assets in established mining regions, is likely to provide support to copper prices and improve profitability metrics for major copper producers. Investors tracking which country maintains the largest producer of copper status and monitor how reserve depletion rates compare across nations may find investment opportunities in emerging producers, established market leaders with expansion projects, and copper-related equities.

The 2024 production data has clarified the competitive positions among copper producers globally. Chile remains unquestionably the largest producer of copper by significant margin, but the rise of the Democratic Republic of Congo and the continued growth from Indonesia signal shifting patterns in global copper supply networks that warrant close monitoring as energy transition investments accelerate worldwide.