Global Copper Supply: Which Countries Dominate Production in 2024?

In 2024, the copper market faced mounting pressures as aging mines in major producing regions struggle to maintain output, while surging electrification demand looms on the horizon. Global copper production reached 23 million metric tons that year, yet production growth has failed to keep pace with long-term demand forecasts. The red metal’s dramatic price swing culminated in an all-time high above $5 per pound in May 2024, reflecting the underlying tension between constrained supply and persistent demand from the energy transition sector.

Despite China’s traditional role as the copper demand engine, infrastructure-focused consumption remained subdued as the world’s second-largest economy focused on economic stimulus rather than expansion. Industry forecasters expect supply deficits to emerge within the next several years—a shift that could provide substantial tailwinds for copper prices and boost miner profitability. For portfolio managers and commodity investors tracking this dynamic, understanding which countries drive global copper output becomes increasingly critical.

The Top 10 Copper-Producing Nations: A Deep Dive

1. Chile Dominates with Nearly a Quarter of Global Output

At 5.3 million metric tons, Chile maintained its position as the world’s undisputed copper leader in 2024, accounting for roughly 23 percent of global production. The country’s mining sector is anchored by state-owned Codelco alongside multinational operators including Anglo American, Glencore, and Antofagasta.

The Escondida operation, currently the largest copper mine in the world, ranks as the crown jewel of Chile’s copper industry. BHP operates a 57.5 percent stake with annual output in the 2 million metric ton range, supported by Rio Tinto’s 30 percent holding and Jeco’s remaining interest. In 2024, BHP’s portion of Escondida contributed 1.13 million MT to the company’s global copper inventory.

Looking ahead, Chilean copper output is poised for a significant rebound. Industry analysts project production will surge to 6 million MT in 2025 as new mining projects accelerate their operational ramp-up, potentially setting a production record.

2. Democratic Republic of Congo Emerges as Second-Largest Producer

The DRC’s copper sector experienced explosive growth, hitting 3.3 million metric tons in 2024—more than 11 percent of planetary supply. This marked a substantial jump from the prior year’s 2.93 million MT, reflecting accelerating development of world-class deposits.

Ivanhoe Mines’ Kamoa-Kakula project, developed through a joint venture with Zijin Mining Group, achieved Phase 3 commercial production in August 2024. The operation delivered 437,061 MT of copper that year, up from 393,551 MT in 2023. Management has guided for 520,000 to 580,000 MT in 2025, signaling continued production growth.

3. Peru: Output Declining Despite Significant Reserves

Peru produced 2.6 million metric tons in 2024, down 160,000 MT year-over-year, as operational headwinds pressured output. Freeport McMoRan’s Cerro Verde mine—Peru’s flagship copper operation—experienced a 3.7 percent production decline. The facility, which had produced 1.94 million MT of copper concentrate in 2023, faced constraints from lower stockpiled leach ore volumes and maintenance-related milling reductions.

Peru’s copper sector extends beyond Cerro Verde. Anglo American operates the Quellaveco mine, while Southern Copper runs Tia Maria. The bulk of Peruvian copper exports flow to China and Japan, with secondary demand from South Korea and Germany.

4. China: Refining Powerhouse with Modest Mine Output

China’s 2024 mine production totaled 1.8 million metric tons, representing a slight decline from 1.82 million MT the year prior and continuing a multi-year downtrend from 2021’s recent peak of 1.91 million MT.

However, China’s true dominance lies in copper refining. The country processed 12 million metric tons of refined copper in 2024—representing 44 percent of global refinery output and six times Chile’s refined production. Combined with the world’s highest copper reserves at 190 million MT, China’s strategic position in the supply chain remains unmatched.

Zijin Mining Group, China’s leading metal producer, operates the Qulong copper-molybdenum-silver-gold mine in Tibet. The company acquired a controlling interest in 2024 and is pursuing 100 percent ownership consolidation. Qulong mining production reached approximately 340 million pounds of copper in 2023, with 2024 estimates suggesting a climb to 366 million pounds as the operation scaled up activities.

5. Indonesia: The Emerging Challenger

Indonesia produced 1.1 million metric tons in 2024, surpassing both the United States and Russia to claim the fifth-largest producer ranking. This represented a dramatic acceleration from 907,000 MT in 2023 and 731,000 MT just three years prior in 2021.

Freeport McMoRan’s Grasberg complex anchors Indonesia’s copper industry, having generated 1.66 billion pounds in 2023. PT Amman Mineral’s Batu Hijau mine represents another critical asset. While 2023 saw 542 million pounds of copper concentrate output, projections for 2024 anticipate a sharp jump to 1.84 billion pounds as high-grade ore from Phase 7 development enters the processing stream.

In mid-2024, Amman Minerals commissioned a new smelting facility with annual capacity to process 900,000 metric tons of concentrate, yielding 222,000 MT of copper cathodes and 830,000 MT of sulfuric acid—a transformative step toward downstream integration.

6. United States: Stable Domestic Supply Anchored in Arizona

The United States produced 1.1 million metric tons in 2024, though output remains below the 1.23 million MT achieved in 2022. Arizona dominates domestic production, supplying 70 percent of national copper output across 17 mines that account for 99 percent of total U.S. production.

Freeport McMoRan’s Morenci mine in Arizona—operated as a joint venture with Sumitomo—stands as America’s largest copper operation. The facility generated 700 million pounds of copper metal in 2024 with proven and probable reserves exceeding 12.63 million pounds. Freeport’s additional Arizona operations at Safford and Sierrita contributed 249 million MT and 165 million MT respectively.

7. Russia: Ramping Production in Siberia

Russian copper output accelerated to 930,000 metric tons in 2024, climbing from 890,000 MT the prior year. Much of this growth stems from the ramp-up of Phase 1 production at Udokan Copper’s Udokan mine in Siberia. Despite multiple facility fires late in 2023, mining operations proceeded uninterrupted. The facility was expected to produce up to 135,000 metric tons in 2024, with Phase 2 projected to add 450,000 MT upon completion in 2028.

8. Australia: Modest Output, World-Class Reserves

Australia produced 800,000 metric tons in 2024, marginally above 2023’s 778,000 MT. BHP’s Olympic Dam mine in South Australia marked a 10-year production high at 216,000 metric tons.

Queensland hosts the Mount Isa complex, operated by a Glencore subsidiary, though the operation faces closure scheduled for the second half of 2025. Australia ranks second globally in copper reserves at 100 million metric tons, trailing only China’s 190 million MT.

9. Kazakhstan: Breaking Into the Top 10

Kazakhstan produced 740,000 metric tons in 2024, maintaining year-over-year parity while ascending to the top 10 producers list. This breakthrough pushed Mexico and Zambia from the rankings. Production growth has been substantial—the country generated only 510,000 MT in 2021.

Kazakhstan’s National Development Plan, released in February 2024, targets a 40 percent increase in mineral production by 2029 through enhanced exploration, co-financing mechanisms, and investment tax incentives. Private miner KAZ Minerals operates the Aktogay mine, which produced 228,800 metric tons in 2024, down from 252,400 MT in 2023.

10. Mexico Rounds Out the List

Mexico completed the ranking with 700,000 metric tons in 2024, barely changed from 2023’s output. Grupo Mexico’s Buenavista del Cobre mine in Sonora ranks as the country’s largest operation, producing 725 million pounds of copper concentrate and 193 million pounds of cathode in 2023. Grupo Mexico’s secondary asset, La Caridad, contributed 387,000 MT of concentrate and 51 million pounds of cathode that same year.

Market Outlook: The converging forces of aging mine infrastructure, rising electrification-driven demand, and forecast supply deficits position copper as a commodity with substantial structural support. Investors monitoring this sector should track production trends across these 10 nations, as their output decisions will fundamentally shape global copper availability and pricing for years to come.