In 2024, the global copper market faced challenges as aging mines in top producing countries lacked new replacements. The surge in copper demand driven by electrification projected significant growth in the following years. The copper price witnessed fluctuations due to macroeconomic factors, with the red metal hitting an all-time high in May 2024.
Despite a tight supply scenario, the energy transition’s demand impact remained subdued, particularly with China focusing on economic revival efforts. Forecasts indicate an upcoming copper supply deficit, offering potential price boosts and benefiting company balance sheets. Investors eyeing copper should consider production figures by country.
Chile maintained its lead as the largest copper producer in 2024, contributing 23% of global output. Notable miners in Chile include Codelco, Anglo American, Glencore, and Antofagasta, with BHP’s Escondida being the world’s largest copper mine. Chile’s copper production is set to rebound in 2025 to record levels.
The Democratic Republic of Congo (DRC) emerged as a significant copper producer, with a notable rise in output driven by projects like Kamoa-Kakula. Peru, another key player, faced production declines in 2024, primarily at Freeport McMoRan’s Cerro Verde mine. China, despite a slight decline in 2024 copper production, dominated in refined copper output.
Indonesia surpassed the United States and Russia to become the fifth top copper producer, with notable mines like Grasberg and Batu Hijau driving production. The United States witnessed a decline in copper output, primarily from mines in Arizona, while Russia saw an increase in production due to projects like Udokan mine.
Australia reported a slight increase in copper production in 2024, with operations like BHP’s Olympic Dam mine contributing significantly. Kazakhstan entered the top 10 producers list, aiming for increased mineral production. Mexico rounded out the list with steady copper production from mines like Buenavista del Cobre.
Overall, the global copper market faces evolving dynamics driven by supply-demand shifts and economic factors. Understanding production figures by country provides valuable insights for investors navigating the copper landscape and seeking opportunities in this critical industrial metal.
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