Global Copper Supply Landscape: Which Countries Dominate 2024 Production?

As major copper producing countries face an aging mining infrastructure without sufficient new capacity coming online, the global copper market finds itself at a crossroads. The world generated 23 million metric tons of copper in 2024—a year marked by both significant price movements and mounting supply concerns. Despite these headwinds, demand from the energy transition remains the wildcard that could dramatically reshape copper’s market trajectory.

The Perfect Storm: Supply Tightening Meets Muted Demand

2024 was a defining year for the red metal. Copper surged to an all-time high above US$5 per pound in May, driven by macroeconomic volatility and tightening supply-demand dynamics. Yet a curious paradox emerged: China, traditionally the world’s largest copper consumer for infrastructure projects, pulled back on consumption while attempting to revive its struggling economy.

The consensus among analysts? A supply deficit looms ahead. Industry forecasts suggest that over the coming years, production won’t keep pace with demand, potentially providing significant upside for copper prices and mining company valuations. For investors tracking this commodity, understanding which countries are fueling global production becomes critical.

1. Chile: Still the Undisputed Leader

Output: 5.3 million metric tons

Chile cemented its position as the world’s leading copper producer, accounting for roughly 23 percent of global output. The country’s dominance stems from operations run by industry titans like state-owned Codelco, Anglo American, Glencore, and Antofagasta. The crown jewel remains BHP’s Escondida—the planet’s largest copper mine—which delivered 1.13 million MT from BHP’s 57.5 percent stake in 2024. Rio Tinto holds 30 percent of the operation. Remarkably, projections suggest Chile’s copper production could surge to 6 million MT in 2025 as newly developed mines ramp up operations.

2. Democratic Republic of Congo: Africa’s Copper Powerhouse

Output: 3.3 million metric tons

The DRC rocketed into the number-two position, more than doubling its historical significance to capture over 11 percent of world copper production. The 3.3 million MT in 2024 represents a substantial jump from 2.93 million MT the prior year. A major driver is the Kamoa-Kakula project operated by Ivanhoe Mines in partnership with Zijin Mining Group, which contributed 437,061 MT in 2024—up from 393,551 MT in 2023. Phase 3 achieved commercial production in August 2024, and guidance for 2025 points to output between 520,000 and 580,000 MT.

3. Peru: Facing Headwinds

Output: 2.6 million metric tons

Peru’s copper output dropped to 2.6 million MT in 2024, down 160,000 MT year-over-year. Freeport McMoRan’s Cerro Verde, Peru’s largest copper mine, experienced a 3.7 percent production decline due to lower leach ore stockpiles and maintenance-related milling rate reductions. Freeport’s Q1 2024 report attributed these South American challenges to temporary operational factors. Other significant Peruvian operations include Anglo American’s Quellaveco and Southern Copper’s Tia Maria mine. The nation ships most copper output to China and Japan, with South Korea and Germany also ranking as key export destinations.

4. China: Mining Output Modest, Refining Dominance Overwhelming

Output: 1.8 million metric tons

China’s mine production came in at 1.8 million MT, slightly below 2023’s 1.82 million MT and continuing a multi-year decline from 2021’s peak of 1.91 million MT. However, this masks China’s extraordinary refining prowess: the country produced 12 million MT of refined copper—accounting for 44 percent of global refined copper output and six times Chile’s refining capacity. China also holds the world’s largest copper reserves at 190 million MT. Zijin Mining Group, China’s leading diversified metal producer, expanded its position through the Qulong copper-molybdenum-silver-gold mine in Tibet. After acquiring a 50.1 percent stake in 2024, Zijin is working toward full ownership of what is now China’s largest copper mine, with production estimated at 366 million pounds in 2024, up from 340 million pounds in 2023.

5. Indonesia: Rising Star of Asian Production

Output: 1.1 million metric tons

Indonesia leapfrogged both the United States and Russia to claim fifth place, producing 1.1 million MT in 2024—a dramatic surge from 907,000 MT in 2023 and 731,000 MT in 2021. Freeport McMoRan’s Grasberg complex anchors the country’s copper industry, while PT Amman Mineral’s Batu Hijau mine represents a secondary powerhouse. Batu Hijau’s output is projected to jump significantly to 1.84 billion pounds in 2024 as Phase 7 high-grade ore processing commences. A newly commissioned smelting facility at Batu Hijau can process 900,000 MT of copper concentrate annually, producing 222,000 MT of copper cathodes.

6. United States: Concentrated, Domestic Production

Output: 1.1 million metric tons

The United States produced 1.1 million MT in 2024, only 30,000 MT below 2023 levels but significantly down from 1.23 million MT in 2022. Arizona dominates the domestic supply chain, accounting for 70 percent of US copper output. Just 17 mines are responsible for 99 percent of American copper production. Freeport McMoRan’s Morenci mine in Arizona—a joint venture with Sumitomo—stands as the nation’s largest, producing 700 million pounds in 2024. Freeport’s Safford and Sierrita mines contributed 249 million MT and 165 million MT respectively.

7. Russia: Ramping Up Siberian Operations

Output: 930,000 metric tons

Russia’s copper production climbed to 930,000 MT in 2024, up from 890,000 MT in 2023, driven by Phase 1 ramp-up at Udokan Copper’s Siberian Udokan mine. Despite experiencing multiple fires at year-end 2023, the operation delivered an estimated 135,000 MT of copper without production interruptions. Once Phase 2 launches in 2028, output is expected to reach 450,000 MT.

8. Australia: Resource-Rich, Modestly Productive

Output: 800,000 metric tons

Australia’s 800,000 MT output in 2024 represents a marginal increase from 778,000 MT in 2023. BHP’s Olympic Dam mine in South Australia marked a 10-year production high of 216,000 MT. However, the Queensland-based Mount Isa complex operated by a Glencore subsidiary will cease operations in the second half of 2025. Despite modest production volumes, Australia ranks second globally in proven copper reserves at 100 million MT, trailing only China’s 190 million MT.

9. Kazakhstan: Rapid Production Scaling

Output: 740,000 metric tons

Kazakhstan entered the top 10 this year with 740,000 MT of copper, maintaining 2023’s production levels while surpassing Mexico and Zambia. Production has surged from just 510,000 MT in 2021. The government’s February 2024 National Development Plan targets a 40 percent increase in mineral production by 2029 through expanded exploration, project co-financing, and investment tax incentives. KAZ Minerals’ Aktogay mine produced 228,800 MT in 2024, down from 252,400 MT in 2023.

10. Mexico: Stable Output from Established Operations

Output: 700,000 metric tons

Mexico rounded out the top 10 with 700,000 MT of copper in 2024, virtually unchanged from 2023. Grupo Mexico’s Buenavista del Cobre mine in Sonora ranks as the country’s largest, producing 725 million pounds of copper concentrate and 193 million pounds of copper cathode in 2023. Grupo Mexico also operates La Caridad, Mexico’s second-largest copper mine, which yielded 387,000 MT of copper concentrate and 51 million pounds of copper cathode in 2023.

Looking Ahead: Why This Matters for the Market

The landscape of global copper production reveals a market in transition. As major copper producing countries battle aging mine bases and infrastructure constraints, the potential for supply deficits to reshape pricing dynamics grows stronger. For investors monitoring this secular demand story, tracking production trends across these key jurisdictions provides essential context for evaluating both commodity exposure and mining company prospects.