The Global Copper Landscape: Which Countries Are Driving Production in 2024

Global copper output reached a critical inflection point in 2024, with major mining nations accounting for 23 million metric tons of production worldwide. However, beneath these headline figures lies a pressing challenge: aging mines in traditional copper producing countries face capacity constraints precisely as demand from energy transition accelerates. The copper price reflected this tension, hitting an unprecedented $5 per pound milestone in May 2024 before settling into a volatile trajectory shaped by macroeconomic headwinds and China’s economic slowdown.

What’s particularly notable is the mismatch between supply tightening and actual demand. While the energy transition theoretically requires massive copper volumes for electrification infrastructure, China—the historical engine of copper consumption—has been restraining its purchasing power. Yet analysts across the sector expect a fundamental market shift: forecasts point toward supply deficits in the coming years, a structural imbalance that should ultimately lift copper prices and strengthen mining company valuations.

For investors and market observers, understanding where copper actually comes from reveals critical supply dependencies and emerging production hubs. Here’s where the world’s largest copper producing countries stand and what’s driving their output trajectories.

Leading the Pack: Chile’s Dominance and Diversified Operations

Chile remains unmatched as the world’s largest copper producing country, commanding approximately 23 percent of global output with 5.3 million metric tons produced in 2024. The country’s dominance reflects its rich mineral endowment and the presence of multiple heavyweight operators: state-owned Codelco, Anglo American, Glencore, and Antofagasta all maintain substantial Chilean operations.

The crown jewel is BHP’s Escondida mine—the world’s largest copper mining operation—which delivered 1.13 million metric tons to BHP’s account in 2024 (the company holds a 57.5 percent stake, with Rio Tinto at 30 percent and Jeco holding the remainder). Notably, Chilean production is expected to surge in 2025, potentially reaching 6 million metric tons as new mining projects ramp up operations, signaling renewed dynamism in a mature mining region.

Africa’s Rising Star: Democratic Republic of Congo’s Rapid Ascent

The DRC has emerged as the second-largest copper producing country with 3.3 million metric tons in 2024, representing over 11 percent of global supplies. This figure represents a decisive jump from 2.93 million metric tons in 2023—a trajectory that reflects strategic project completions rather than marginal improvements.

Ivanhoe Mines’ Kamoa-Kakula project (Phase 3, achieved commercial production in August 2024) is the primary catalyst, with the joint venture including Zijin Mining Group generating 437,061 metric tons in 2024, up from 393,551 metric tons the prior year. The operation is positioned for further expansion, with guidance set for 520,000 to 580,000 metric tons in 2025. This African production surge is reshaping global copper supply architecture and reducing historical dependency on South American sources.

South America’s Decline: Peru’s 2024 Contraction

Peru ranks third among copper producing countries at 2.6 million metric tons in 2024, but the trajectory is concerning—a 160,000 metric ton decline from 2023 reflects operational headwinds rather than geological constraints. Freeport McMoRan’s Cerro Verde, Peru’s largest mine, experienced a 3.7 percent production drop, driven by lower stockpiled leach ore volumes and maintenance-related milling rate reductions.

Anglo American’s Quellaveco and Southern Copper’s Tia Maria represent other significant Peruvian operations, though neither commands Cerro Verde’s scale. The majority of Peruvian copper flows to China and Japan, making the country strategically important to Asian refineries despite its declining production curve.

Asia’s Paradox: China’s Refining Dominance vs. Mining Constraints

China produced 1.8 million metric tons of mine copper in 2024—a marginal decline from 1.82 million metric tons in 2023 and continuation of a downward trend from the 1.91 million metric ton peak in 2021. Yet this figure obscures China’s true dominance in the copper value chain: the country generated 12 million metric tons of refined copper production in 2024, representing 44 percent of global refining capacity—six times Chile’s refined output.

Additionally, China maintains 190 million metric tons of proven copper reserves, the world’s largest. Zijin Mining Group exemplifies this integrated strategy, acquiring majority control of Tibet’s Qulong copper-molybdenum-silver-gold complex in 2024 and ramping production to 366 million pounds (estimated) in 2024 from 340 million pounds in 2023. China’s strategy prioritizes downstream processing over upstream mining, positioning it as the global refining bottleneck.

Emerging Production Hubs: Indonesia’s Breakthrough Year

Indonesia vaulted into fifth position among copper producing countries in 2024 with 1.1 million metric tons, surpassing both the United States and Russia. This ascendancy reflects sustained production growth: output has nearly doubled from 731,000 metric tons in 2021 and jumped significantly from 907,000 metric tons in 2023.

Freeport McMoRan’s Grasberg complex remains Indonesia’s flagship operation, producing 1.66 billion pounds of copper in 2023. PT Amman Mineral’s Batu Hijau mine is accelerating its contribution: 2024 production is projected to reach 1.84 billion pounds as Phase 7 cutback operations access higher-grade ore bodies. Critically, Amman Minerals commissioned a smelting facility in mid-2024 capable of processing 900,000 metric tons of copper concentrate annually to yield 222,000 metric tons of copper cathodes and 830,000 metric tons of sulfuric acid—a value-chain expansion that locks in processing margins.

Stable Contributors: United States, Russia, and Australia

The United States maintained 1.1 million metric tons of copper production in 2024, with Arizona supplying 70 percent of domestic output across 17 mines. Freeport McMoRan’s Morenci mine (a Sumitomo joint venture) leads at 700 million pounds, supported by Safford and Sierrita operations contributing 249 and 165 million metric tons respectively.

Russia produced 930,000 metric tons in 2024, a notable increase from 890,000 metric tons in 2023, driven substantially by Udokan Copper’s Siberian Udokan mine ramp-up (Phase 1 targeted 135,000 metric tons in 2024, with Phase 2 potentially delivering 450,000 metric tons by 2028).

Australia generated 800,000 metric tons in 2024, a modest increase from 778,000 metric tons in 2023. BHP’s Olympic Dam posted a 10-year production high at 216,000 metric tons. However, Glencore’s Mount Isa complex faces closure in the second half of 2025, creating a production headwind. Australia does hold the second-largest proven reserves globally at 100 million metric tons (after China’s 190 million).

New Entrants: Kazakhstan and Mexico Round Out the Top 10

Kazakhstan entered the top 10 copper producing countries ranking with 740,000 metric tons in 2024, flat year-over-year but representing substantial gains since 2021’s 510,000 metric tons. The country’s National Development Plan, released in February 2024, targets a 40 percent increase in mineral production by 2029 through exploration expansion, project co-financing, and investment tax incentives. KAZ Minerals’ Aktogay mine contributed 228,800 metric tons in 2024, a decline from 252,400 metric tons in 2023.

Mexico rounded out the top 10 with 700,000 metric tons of copper production in 2024, virtually unchanged from 2023. Grupo Mexico’s Buenavista del Cobre mine dominates national output, producing 725 million pounds of copper concentrate and 193 million pounds of cathode in 2023. The company’s secondary operation, La Caridad, added 387,000 metric tons of concentrate and 51 million pounds of cathode in 2023.

The Structural Story Ahead

The rankings reveal a bifurcated global copper supply architecture: mature, geographically concentrated production in Chile and South America contrasts sharply with emerging output from Africa, Indonesia, and Central Asia. Supply deficits appear inevitable given aging mine bases and multi-year project development cycles, creating a favorable price and valuation environment for copper producing companies positioned along this reshaping supply curve.