Global Copper Supply Landscape: Which Nations Lead Mining Output in 2024

The copper market faced considerable challenges throughout 2024 as production constraints collided with surging demand from renewable energy and electrification initiatives. Global copper extraction reached 23 million metric tons, yet aging mining infrastructure in major producing nations raised concerns about meeting future demand. This supply-demand imbalance pushed copper prices to unprecedented levels, exceeding the $5 per pound threshold for the first time in May 2024.

While China remains the world’s economic engine for refined copper processing, the actual ore extraction is concentrated among a smaller group of nations. Understanding which countries dominate copper mining output proves essential for investors navigating commodity markets.

The Top Copper Mining Nations

Chile: The Undisputed Leader

Chile secured its position as the world’s dominant copper mining nation in 2024, accounting for approximately 23 percent of global output at 5.3 million metric tons. The country’s mining sector benefits from established operations by Codelco, Anglo American, Glencore, and Antofagasta. BHP’s Escondida mine—the planet’s largest copper extraction facility—contributed 1.13 million metric tons, operating as a joint venture with Rio Tinto holding 30 percent ownership. Projections suggest Chilean production will surge to 6 million metric tons in 2025 as new mining projects reach full operational capacity.

Congo’s Rapid Ascent

The Democratic Republic of Congo emerged as the second-largest copper producer with 3.3 million metric tons in 2024, representing an 11 percent share of global supplies. This marked a substantial jump from 2.93 million metric tons the previous year. The Kamoa-Kakula project operated by Ivanhoe Mines and Zijin Mining Group contributed significantly, producing 437,061 metric tons and expecting further expansion to 520,000-580,000 metric tons annually.

Peru and the South American Concentration

Peru contributed 2.6 million metric tons to global copper supplies, though this represented a 160,000 metric ton decline from 2023. Output reductions at Freeport McMoRan’s Cerro Verde mine—Peru’s largest copper operation—stemmed from maintenance activities and lower ore processing volumes. Anglo American’s Quellaveco and Southern Copper’s Tia Maria operations continue supplementing Peru’s production.

China: Refining Dominance Over Mining Output

China’s direct copper mining output reached 1.8 million metric tons in 2024, showing marginal decline from prior years. However, the nation’s true copper strength lies in refined production, generating 12 million metric tons—representing 44 percent of worldwide refined output. China also maintains the largest copper reserves globally at 190 million metric tons. Zijin Mining Group’s acquisition of the Qulong mine in Tibet solidifies the company’s position as China’s premier copper producer.

Indonesia’s Emerging Strength

Indonesia surpassed the United States and Russia to claim fifth position with 1.1 million metric tons of copper output. This represented substantial growth from 907,000 metric tons in 2023 and 731,000 metric tons in 2021. Freeport McMoRan’s Grasberg complex dominates Indonesian production, while PT Amman Mineral’s Batu Hijau mine is scaling significantly, with a newly commissioned smelting facility processing 900,000 metric tons of concentrate annually.

North American Production Plateaus

The United States and Mexico maintain consistent but modest copper extraction. The US produced 1.1 million metric tons in 2024, with Arizona accounting for 70 percent of domestic supply. Arizona’s Morenci, Safford, and Sierrita mines form the backbone of American production. Mexico generated 700,000 metric tons, with operations concentrated in Sonora’s Buenavista del Cobre and La Caridad mines.

Secondary Producers Round Out Supply Chain

Russia, Australia, and Kazakhstan collectively contribute an additional 2.47 million metric tons. Russia’s 930,000 metric tons benefited from Udokan Copper’s Siberia operations ramping up Phase 1 production. Australia’s 800,000 metric tons centers on BHP’s Olympic Dam mine, which achieved a 10-year production high. Kazakhstan entered the top 10 with 740,000 metric tons, driven by plans to increase mineral production 40 percent by 2029.

Market Implications

The concentrated nature of global copper mining creates supply vulnerabilities. With aging mines requiring replacement investments and demand accelerating from energy transition projects, market analysts project copper deficits within the next few years. This structural undersupply should provide sustained price support as mining companies invest in capacity expansion to capture premium valuations.

For investors seeking exposure to copper market dynamics, diversification across these producing nations offers portfolio balance against single-nation production disruptions.