Global Copper Production Landscape: Which Nations Lead Mining Output in 2024

The copper market experienced remarkable dynamics throughout 2024, with global production reaching approximately 23 million metric tons while simultaneously encountering supply chain challenges. As aging copper mines in leading production regions face replacement issues and demand from electrification continues climbing, the industry finds itself navigating a complex supply-demand equation that reshaped prices throughout the year.

The red metal achieved historic milestones in May 2024, surpassing the US$5 per pound threshold for the first time, reflecting both macroeconomic pressures and supply tightness. Looking ahead, market analysts project the copper sector will transition into supply deficit territory, potentially supporting higher pricing and enhanced corporate profitability. Despite tight supply conditions, Chinese demand—traditionally driving consumption for infrastructure development—remained subdued as the nation worked to stabilize its economic growth.

Leading Copper Nations: Production Rankings and Key Operations

Chile Dominates with Nearly One-Quarter of Global Output

Chile solidified its position as the world’s foremost copper producer, accounting for approximately 23 percent of global supply with 5.3 million metric tons in 2024. The nation’s output is anchored by substantial operations from state-owned Codelco and international majors including Anglo American, Glencore, and Antofagasta. Most prominently, BHP’s Escondida mine—the planet’s largest copper operation—contributed roughly 1.13 million metric tons to Chile’s total, with BHP maintaining a 57.5 percent interest while Rio Tinto holds 30 percent. Notably, Chilean production is forecast to reach record 6 million metric tons in 2025 as newly developed mines commence operations at commercial scale.

Congo Emerges as Second-Largest Producer

The Democratic Republic of Congo jumped to second position with 3.3 million metric tons, representing over 11 percent of planetary output and marking substantial growth from 2.93 million metric tons the previous year. This acceleration reflects operational expansion at Ivanhoe Mines’ Kamoa-Kakula complex, developed through partnership with Zijin Mining Group, which produced 437,061 metric tons during 2024—up from 393,551 metric tons in 2023. Forward-looking guidance suggests Kamoa-Kakula will yield between 520,000 and 580,000 metric tons annually.

Peru’s Production Declined Amid Operational Challenges

Peru’s 2024 output measured 2.6 million metric tons, declining 160,000 metric tons year-over-year, partly attributable to a 3.7 percent production drop at Freeport McMoRan’s Cerro Verde mine—Peru’s largest copper operation. Lower volumes of stockpiled leach ore and reduced milling rates associated with maintenance activities drove the decrease. Other significant Peruvian operations include Anglo American’s Quellaveco and Southern Copper’s Tia Maria mines, with most production destined for China and Japan.

China’s Dual Role: Modest Mining, Dominant Refining

China produced 1.8 million metric tons of crude copper in 2024, marginally lower than 1.82 million metric tons previously and continuing a gradual decline from the 1.91 million metric tons reached in 2021. However, China’s refined copper dominance is overwhelming—the nation processed 12 million metric tons, representing over 44 percent of global refined copper production and exceeding Chile’s output by a factor of six. Additionally, China maintains the world’s largest copper reserves at 190 million metric tons. Zijin Mining Group’s Qulong copper-molybdenum-silver-gold mine in Tibet now ranks as China’s leading copper mine following the company’s 2024 acquisition of 50.1 percent ownership, with estimated 2024 production reaching 366 million pounds after the company expanded operations.

Indonesia’s Rapid Ascent and Future Production Increases

Indonesia surged into fifth place with 1.1 million metric tons, surpassing both the United States and Russia for the first time. The country’s steady output growth—rising from 907,000 metric tons in 2023 and 731,000 metric tons in 2021—reflects Freeport McMoRan’s Grasberg complex expansion alongside PT Amman Mineral’s Batu Hijau mine acceleration. Batu Hijau is positioned for substantial 2024 production increases to 1.84 billion pounds as Phase 7 cutback processing commences. Notably, Amman Minerals commissioned a smelting facility in mid-2024 capable of processing 900,000 metric tons of copper concentrate annually into 222,000 metric tons of copper cathodes.

United States, Russia, Australia, Kazakhstan, and Mexico Round Out Top 10

The United States maintained 1.1 million metric tons—down from 1.23 million metric tons in 2022—with Arizona supplying 70 percent of domestic output. Freeport McMoRan’s Morenci mine, operated jointly with Sumitomo, leads US production at 700 million pounds. Russia increased output to 930,000 metric tons, aided by Udokan Copper’s Siberian mine expansion, which ramped Phase 1 production despite late-2023 fires. Australia produced 800,000 metric tons with BHP’s Olympic Dam reaching a 10-year high of 216,000 metric tons.

Kazakhstan entered the top 10 rankings with 740,000 metric tons—a substantial increase from 510,000 metric tons in 2021—positioning itself ahead of traditional producers after implementing its National Development Plan targeting 40 percent mineral production growth by 2029. Mexico rounded out the list with 700,000 metric tons, driven primarily by Grupo Mexico’s Buenavista del Cobre and La Caridad mines.

Forward Outlook: Supply Constraints and Market Opportunities

As global copper production by country varies significantly, the upcoming supply deficit environment presents strategic opportunities for investors tracking mining operations. The convergence of aging asset replacement challenges, energy transition acceleration, and refined copper production concentration in specific regions continues shaping the market dynamics that will define copper price trajectories for years ahead.