Global Copper Reserves: Which Country Dominates Mining Supply? (2024 Update)

Copper has emerged as a critical commodity amid the global green energy transition and rapid urbanization growth. However, long-term supply concerns have intensified focus on which country has the most copper resources—and whether reserves can meet future demand.

The Copper Supply Challenge

The concept of “peak copper” reflects growing worries among industry experts that accessible reserves may not keep pace with future needs. The Copper Development Association estimates global copper ore resources at approximately 5.8 trillion pounds, yet only 0.7 trillion pounds (roughly 12%) has been extracted throughout history. Fortunately, copper’s exceptional recyclability—superior to any other engineered metal—means most mined copper remains in active circulation, providing a secondary supply source.

Understanding which countries hold the largest copper reserves is essential for investors and industry analysts tracking long-term mining opportunities and commodity prices. According to the latest US Geological Survey data, five nations dominate global copper reserves: Chile, Peru, Australia, Russia, and the Democratic Republic of Congo.

The Top Copper Reserve Nations

1. Chile: The Undisputed Copper Leader

Chile commands the world’s largest copper reserves by a significant margin: 190 million metric tons (MT) as of 2023. At current extraction rates, this stockpile ensures copper mining continuity for approximately 100 years.

Beyond reserves, Chile strengthens its position as the globe’s top copper producer, extracting roughly 5 million MT annually. The Escondida mine—operated by BHP—stands as the world’s largest copper production facility. Supply disruptions at this site, whether from labor negotiations or operational challenges, can ripple through global copper markets and influence prices worldwide.

Copper’s economic significance to Chile cannot be overstated: the metal accounts for an estimated 20% of the nation’s GDP. While elevated copper prices in recent years boosted the Chilean economy, slowing demand from China—a major importer of Chilean copper—has created headwinds for the South American nation’s growth trajectory.

2. Peru: The Second-Largest Reserve Holder

Peru controls 120 million MT of copper reserves, representing 12% of worldwide copper resources. In 2023, Peru tied with the Democratic Republic of Congo as the second-largest producer, mining 2.6 million MT annually.

Major copper assets in Peru include the Antamina, Toquepala, Cerro Verde, Cuajone, and Tintaya mines. Antamina, jointly operated by BHP, Glencore, Teck Resources, and Mitsubishi, ranks as Peru’s premier copper source. Southern Copper operates both Toquepala and Cuajone, Freeport-McMoRan manages Cerro Verde, and Glencore oversees the Tintaya operation.

3. Australia: Third in Global Reserves

Australia possesses 100 million MT of copper reserves—approximately 10% of global supplies—yet its production output significantly lags the top two nations. In 2023, Australia extracted just 810,000 MT.

The nation’s copper resources concentrate primarily at the Olympic Dam copper-uranium-gold deposit in South Australia and the Mount Isa copper-lead-zinc deposit in Queensland. Additional reserves exist at Northparkes, CSA, and Girilambone in New South Wales; Ernest Henry, Osborne, and Mammoth deposits near Selwyn in Queensland; the Golden Grove copper-zinc complex; and the Nifty deposit in Western Australia.

4. Democratic Republic of Congo: Rapid Reserve Growth

The DRC has expanded its copper reserves dramatically in recent years, now matching Russia at 80 million MT. The Kamoa-Kakula project—operated through a joint venture between Ivanhoe Mines and Zijin Mining Group—represents a major asset driving this growth trajectory.

With expanding production capabilities and new projects coming online, industry analysts project the DRC could surpass Peru to claim the second-largest producer position. The nation produced 2.5 million MT in 2023, demonstrating accelerating extraction capacity.

5. Russia: Overlooked Reserve Giant

Russia maintains 80 million MT in copper reserves despite limited recognition for copper production. However, 2023 output remained modest at 910,000 MT, indicating significant untapped potential.

The Udokan deposit in Siberia represents one of Russia’s most substantial copper assets, operated by Udokan Copper. The company garnered headlines when it pursued US$1.25 billion in financing to develop a mining and metallurgical complex. The operation successfully commenced copper concentrate production at its new facility in September 2023, signaling future expansion in Russian output.

The Takeaway

Which country has the most copper? Chile decisively leads with 190 million MT—nearly 60% more than Peru’s reserves. However, the global copper landscape continues evolving as emerging producers like the DRC rapidly develop new capacity. For those tracking mining investments or commodity supplies, monitoring reserve levels across these five nations provides critical insight into long-term copper availability and market dynamics.