Global Copper Mining Landscape Shifts in 2024: A Country-by-Country Analysis

The year 2024 marked a pivotal moment for the global copper industry. As mining operations in major copper-producing regions continue to show their age, the absence of new large-scale project development has intensified concerns about future supply adequacy. Simultaneously, the electrification boom—driven by renewable energy infrastructure and electric vehicle adoption—is projected to dramatically increase copper consumption in the coming years.

These competing pressures created significant volatility in copper markets throughout 2024. The red metal reached an unprecedented milestone when prices surpassed US$5 per pound for the first time in May, setting a new all-time record. Yet despite this supply squeeze, demand growth has been partially offset by China’s economic challenges, as the nation works to revitalize its historically copper-intensive infrastructure spending.

Industry analysts increasingly believe the copper market faces a structural shift toward supply deficits over the medium term. Such a scenario would likely provide sustained price support and boost the financial performance of major mining companies. According to the latest data from the US Geological Survey, worldwide copper production reached approximately 23 million metric tons in 2024.

Where Global Copper Output Comes From: The Top 10 Producing Nations

1. Chile – 5.3 Million Metric Tons

Chile maintained its position as the world’s dominant copper supplier in 2024, accounting for nearly 23 percent of global output. Major multinational producers including the state-controlled Codelco, Anglo American, Glencore, and Antofagasta all maintain substantial operations throughout the country.

The crown jewel remains BHP’s Escondida mine, recognized as the planet’s largest copper extraction facility. This operation typically delivers between 1.5 and 2 million metric tons annually. BHP’s 57.5 percent stake contributed 1.13 million metric tons to its own balance sheet in 2024, while Rio Tinto’s 30 percent holding and Jeco’s remaining stake rounded out the ownership structure.

Looking ahead, projections suggest Chilean copper output could rebound to record levels, potentially reaching 6 million metric tons in 2025 as recently developed projects commence production scaling.

2. Democratic Republic of Congo – 3.3 Million Metric Tons

The DRC has emerged as a formidable force in global copper supplies, producing 3.3 million metric tons during 2024. This represented substantial growth from 2.93 million metric tons in the prior year—a trajectory reflecting accelerated development in the region’s mining sector.

A significant driver of this expansion was Phase 3 of Ivanhoe Mines’ Kamoa-Kakula complex, which achieved operational status in August 2024. Operating as a joint venture with Zijin Mining Group, this facility delivered 437,061 metric tons of refined copper output in 2024, compared to 393,551 metric tons the previous year. Guidance for 2025 points toward further increases, with the operation targeting 520,000 to 580,000 metric tons annually.

3. Peru – 2.6 Million Metric Tons

Peru’s 2024 copper harvest totaled 2.6 million metric tons, representing a modest decline of 160,000 metric tons from 2023 levels. This pullback was largely attributable to operational challenges at Freeport McMoRan’s Cerro Verde facility, which saw output decrease 3.7 percent year-over-year. The operation, which delivered 1.94 million metric tons of copper concentrate in 2023, faced constraints related to lower stockpile processing and scheduled maintenance activities affecting throughput.

Beyond Cerro Verde, Peru’s copper sector relies on contributions from Anglo American’s Quellaveco development and Southern Copper’s Tia Maria project. The majority of national copper exports flow toward Chinese and Japanese refineries, with South Korea and Germany representing additional key markets.

4. China – 1.8 Million Metric Tons

China’s 2024 primary copper output reached 1.8 million metric tons, marking a slight contraction from 1.82 million metric tons in 2023. The country’s mine production has gradually softened from a 2021 peak of 1.91 million metric tons, reflecting mature ore bodies and operational constraints.

However, this tells only part of the story. China’s refined copper processing capability towers over the global industry, with 12 million metric tons produced in 2024—exceeding 44 percent of worldwide refined output and dwarfing Chile’s refining capacity by a factor of six. The nation also commands the world’s largest copper resource base at 190 million metric tons.

Zijin Mining Group, a leading Chinese metal producer, strengthened its position in 2024 by acquiring a 50.1 percent stake in the Qulong copper-molybdenum-silver-gold operation in Tibet, with plans to consolidate full ownership. This mine now ranks as China’s largest copper extraction site, having 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 surged to fifth position among global copper producers in 2024 with 1.1 million metric tons, displacing both the United States and Russia. The nation’s output has accelerated substantially over recent years, jumping from 907,000 metric tons in 2023 and just 731,000 metric tons in 2021.

Freeport McMoRan’s Grasberg complex represents the country’s flagship operation, delivering 1.66 billion pounds of copper metal in 2023. PT Amman Mineral’s Batu Hijau mine contributes additional supply, with production expected to surge in 2024 to 1.84 billion pounds as higher-grade ore from Phase 7 mining begins processing—a significant increase from the 542 million pounds produced in 2023.

The expansion accelerated in mid-2024 when Amman Minerals commissioned a smelting facility capable of processing 900,000 metric tons of copper concentrate annually, yielding 222,000 metric tons of copper cathodes.

6. United States – 1.1 Million Metric Tons

The United States generated 1.1 million metric tons of copper during 2024, a decline from the 1.23 million metric tons produced in 2022, despite only a 30,000 metric ton reduction from 2023 levels. Arizona dominates domestic supply, contributing 70 percent of national output, with Michigan, Missouri, Montana, Nevada, and New Mexico providing additional volumes. Seventeen mining operations account for 99 percent of US copper production.

Freeport McMoRan’s Morenci mine in Arizona, operated as a joint venture with Sumitomo, leads US production with 700 million pounds of copper metal delivered in 2024 and documented reserves of 12.63 million metric tons. Freeport’s Safford and Sierrita operations contributed an additional 249 million metric tons and 165 million metric tons respectively.

7. Russia – 930,000 Metric Tons

Russian copper output expanded to 930,000 metric tons in 2024, reflecting a meaningful increase from 890,000 metric tons in 2023. A principal contributor to this growth trajectory was the production ramp-up at Udokan Copper’s Siberian operation, which achieved Phase 1 commercialization. Despite facility fires in late 2023, mining operations continued uninterrupted, with the mine delivering approximately 135,000 metric tons during 2024. When Phase 2 becomes operational around 2028, capacity is projected to climb toward 450,000 metric tons annually.

8. Australia – 800,000 Metric Tons

Australia extracted 800,000 metric tons of copper in 2024, modestly higher than the 778,000 metric tons produced in 2023. BHP’s Olympic Dam mine in South Australia represents the nation’s principal operation, achieving a ten-year output high of 216,000 metric tons in 2024.

While Australia’s production volume appears modest by global standards, the country occupies second position in documented copper reserves at 100 million metric tons, surpassed only by China’s 190 million metric ton inventory. Queensland’s Mount Isa complex, operated by a Glencore subsidiary, has historically ranked among Australia’s largest producers, though operations will undergo closure during the second half of 2025.

9. Kazakhstan – 740,000 Metric Tons

Kazakhstan produced 740,000 metric tons of copper in 2024, essentially flat compared to 2023 levels. Nevertheless, the country achieved entry into the global top 10 ranking, advancing ahead of Mexico and Zambia. This positioning reflects Kazakhstan’s substantial growth trajectory—just three years prior in 2021, national production stood at only 510,000 metric tons.

In February 2024, Kazakhstan unveiled an ambitious National Development Plan targeting a 40 percent increase in mineral production by 2029 through expanded exploration, project co-financing mechanisms, and tax incentives designed to attract capital investment. Private mining firm KAZ Minerals, which operates the Aktogay facility, produced 228,800 metric tons during 2024, compared to 252,400 metric tons in 2023.

10. Mexico – 700,000 Metric Tons

Mexico completed the top 10 list with 700,000 metric tons of copper production in 2024, essentially unchanged from 2023’s 699,000 metric tons. Grupo Mexico’s Buenavista del Cobre mine in Sonora ranks as the nation’s largest copper extraction facility, having delivered 725 million pounds of concentrate and 193 million pounds of cathode in 2023.

Grupo Mexico also operates La Caridad, Mexico’s second-largest copper producing asset, which generated 387,000 metric tons of concentrate and 51 million pounds of cathode in the prior year.

What This Means for Copper Supply Going Forward

The 2024 production data reveals a global copper mining industry at an inflection point. While established players like Chile and emerging powerhouses like the DRC continue expanding output, aging infrastructure in mature markets and constrained capital investment pose structural headwinds. As electrification demand accelerates and existing reserves face depletion, investors monitoring the copper market should carefully track regional production trends and major mining company execution—particularly in emerging regions where new copper mines continue to come online and define the industry’s future trajectory.