Global Copper Production Landscape: Which Countries Are Leading in 2024?

The global copper market is entering a critical inflection point. As demand from the energy transition accelerates worldwide, mining output faces mounting pressure from aging infrastructure and limited new capacity coming online. In 2024, global copper production hit 23 million metric tons, yet the market signals suggest this supply may struggle to keep pace with future demand.

Among the principales países productores de cobre, a clear hierarchy has emerged. While Chile maintains its dominance, emerging producers are reshaping the competitive landscape in ways that deserve investor attention.

Supply-Demand Dynamics Drive Market Shifts

Copper prices surged to record levels in May 2024, crossing the $5 per pound threshold for the first time—a reflection of tightening global supplies. Yet paradoxically, demand growth has stalled in some regions. China, historically the largest copper consumer for infrastructure projects, has reduced its buying pressure as it manages economic headwinds.

The forecast for the copper market points toward expanding supply deficits over the coming years. This structural imbalance should support sustained price elevation and improve margins for producing companies. For investors tracking principales países productores de cobre, understanding production trends becomes essential for portfolio positioning.

The Top Producers: Where Global Copper Comes From

1. Chile: The Undisputed Leader (5.3 Million Metric Tons)

Chile cemented its position as the world’s dominant copper source in 2024, accounting for approximately 23 percent of global output. The country’s mining ecosystem includes state-owned Codelco alongside major international operators like Anglo American, Glencore, and Antofagasta.

The crown jewel is BHP’s Escondida mine—the world’s largest copper operation—which generated 1.13 million MT of copper for BHP’s stake. With BHP holding 57.5 percent ownership, Rio Tinto at 30 percent, and Jeco holding the remainder, this single asset demonstrates the scale of Chilean production.

Looking ahead, production is expected to rebound significantly. S&P Global forecasts Chilean output could reach 6 million MT in 2025 as new mining operations ramp production.

2. Democratic Republic of Congo: The Surprise Surge (3.3 Million Metric Tons)

The DRC has emerged as a production powerhouse, hitting 3.3 million MT in 2024—a jump from 2.93 million MT the prior year. This acceleration reflects the maturation of next-generation projects, particularly Ivanhoe Mines’ Kamoa-Kakula operation.

The Kamoa-Kakula venture (operating with Zijin Mining Group) produced 437,061 MT in 2024, up from 393,551 MT in 2023. Ivanhoe has guided 2025 production toward 520,000 to 580,000 MT, signaling continued momentum from this region. The DRC now represents over 11 percent of global copper supply.

3. Peru: Facing Production Headwinds (2.6 Million Metric Tons)

Peru’s 2024 output declined 160,000 MT year-over-year to 2.6 million MT, primarily due to operational challenges at Freeport McMoRan’s Cerro Verde—Peru’s largest mine. A 3.7 percent production drop reflected maintenance schedules and reduced leach ore inventory.

Southern Copper’s Tía María and Anglo American’s Quellaveco are also significant contributors, though the country faces ongoing execution challenges that may cap near-term growth.

4. China: The Refining Giant (1.8 Million Metric Tons Mine; 12 Million Metric Tons Refined)

China’s primary mine production held steady at 1.8 million MT, but the country’s refining dominance is where the real story lies. Chinese refineries processed 12 million MT of copper in 2024—representing 44 percent of global refined production, six times Chile’s refinery output.

Zijin Mining Group’s Qulong mine in Tibet, recently consolidated under Zijin’s ownership, produced an estimated 366 million pounds of copper in 2024, making it China’s largest copper mine and reinforcing the country’s position in the global supply chain.

5. Indonesia: The Ascendant Producer (1.1 Million Metric Tons)

Indonesia surpassed both the United States and Russia to capture the fifth-largest producer status in 2024 with 1.1 million MT—a significant jump from 907,000 MT in 2023 and 731,000 MT in 2021.

Freeport McMoRan’s Grasberg complex anchors Indonesian production, while PT Amman Mineral’s Batu Hijau mine is accelerating. Amman Mineral’s new smelter facility, commissioned mid-2024, will process 900,000 MT of copper concentrate annually to yield 222,000 MT of refined copper cathodes.

6. United States: Stable But Declining (1.1 Million Metric Tons)

U.S. production remained flat near prior-year levels at 1.1 million MT, though it represents a decline from 1.23 million MT in 2022. Arizona dominates domestic output at 70 percent of total supply, with 17 mines responsible for 99 percent of national production.

Freeport McMoRan’s Morenci mine in Arizona (a Sumitomo joint venture) remains the country’s largest, producing 700 million pounds of copper metal in 2024 with 12.63 million pounds in proven and probable reserves.

7. Russia: Growth from New Capacity (930,000 Metric Tons)

Russian copper output climbed to 930,000 MT in 2024 from 890,000 MT the prior year, driven largely by Udokan Copper’s ramp-up in Siberia. Despite fires at year-end 2023, production remained on track, with Phase 1 delivering approximately 135,000 MT in 2024.

Phase 2 expansion, targeted for 2028, is expected to boost Udokan’s output to 450,000 MT annually—substantially increasing Russia’s global market share.

8. Australia: Reserve-Rich, Production-Modest (800,000 Metric Tons)

Australia produced 800,000 MT of copper in 2024, marking a slight uptick from 778,000 MT in 2023. BHP’s Olympic Dam mine achieved a 10-year production high at 216,000 MT.

However, Australia’s true competitive advantage lies in reserves. The country holds 100 million MT of copper reserves—second only to China’s 190 million MT—positioning it as a long-term strategic supplier despite near-term production volumes.

9. Kazakhstan: Emerging as a Top-10 Player (740,000 Metric Tons)

Kazakhstan entered the global top-10 rankings in 2024 by maintaining 740,000 MT output, surpassing Mexico and Zambia. Production has more than doubled since 2021 (510,000 MT), reflecting years of capital investment.

The country’s National Development Plan, released in February 2024, targets a 40 percent increase in mineral production by 2029 through enhanced exploration, project co-financing, and tax incentives. KAZ Minerals’ Aktogay mine contributed 228,800 MT in 2024.

10. Mexico: Stable Base Production (700,000 Metric Tons)

Mexico rounded out the top-10 with 700,000 MT of copper in 2024, virtually flat versus 2023. Grupo Mexico’s Buenavista del Cobre mine remains the country’s largest operation, alongside the La Caridad complex.

What This Means for Investors

The principales países productores de cobre reveal a market undergoing structural shift. While traditional leaders like Chile remain dominant, the emergence of the DRC and Indonesia, combined with accelerating project timelines in Russia and Kazakhstan, suggests supply will gradually improve. However, forecasts consistently point toward supply deficits through the remainder of this decade—a dynamic that should sustain price support for copper and enhance corporate profitability across the sector.

For those tracking copper exposure, monitoring production trends across these 10 nations offers critical insight into future price direction and investment opportunity.