Global Copper Production: Which Country Leads the Market in 2024

As global demand for copper continues to surge amid the energy transition and infrastructure development, understanding which country is the largest producer of copper has become critical for investors and industry stakeholders. In 2024, the landscape of copper production revealed some fascinating shifts in the world’s mining sector. With the red metal touching an unprecedented US$5 per pound milestone in May 2024, the global copper market is experiencing significant momentum driven by both supply constraints and accelerating demand from electrification initiatives worldwide.

The Global Copper Production Overview

The world produced approximately 23 million metric tons of copper in 2024, according to the US Geological Survey. This figure reflects the aggregate output from mining operations across the globe, though production remains unevenly distributed among key producing nations. The past year witnessed mounting attention to copper supply challenges, as mining operations in leading producer countries grapple with aging infrastructure and the pressing need for new capacity to meet future demands. Meanwhile, demand from the energy transition sector remains strong despite China’s economic headwinds, setting up what analysts project could be a significant supply deficit in coming years.

The dynamics of 2024’s copper market reveal competing pressures: while supply constraints continue to support prices, demand from China—historically the world’s largest consumer of copper for infrastructure projects—remained somewhat muted as the country works to stabilize its economy. Looking forward, forecasts suggest that copper markets will shift into supply deficits, potentially offering stronger tailwinds for both copper prices and mining companies’ financial performance.

Chile Dominates Global Copper Production

When examining which country is the largest producer of copper, Chile remains the undisputed leader. The nation generated 5.3 million metric tons of copper in 2024, accounting for approximately 23 percent of total global copper output. This commanding share underscores Chile’s entrenched position in the international copper market.

The country’s production strength stems from its extensive portfolio of world-class mining operations. State-owned Codelco operates some of the nation’s largest mines, while multinational majors including Anglo American, Glencore, and Antofagasta maintain substantial Chilean operations. Most notably, Chile is home to BHP’s Escondida, currently the world’s largest copper mine by annual output. Escondida operates in the 2 million metric ton annual production range, with BHP holding a 57.5 percent stake, Rio Tinto controlling 30 percent, and Jeco retaining the remainder. According to BHP’s 2024 annual report, the company’s proportional share of Escondida copper output reached 1.13 million metric tons during the year.

Significantly, S&P Global projects that Chilean copper production will rebound to record levels in 2025, potentially reaching 6 million metric tons as new mining projects ramp up their operational capabilities.

The Secondary Tier: Congo, Peru, and China

Following Chile’s commanding lead, the Democratic Republic of Congo emerged as the second-largest copper producer in 2024, generating 3.3 million metric tons and capturing more than 11 percent of global supply. The DRC has accelerated its copper production trajectory in recent years, with 2024’s output representing a notable jump from 2.93 million metric tons in 2023. A primary catalyst for this expansion is Phase 3 of the Ivanhoe Mines and Zijin Mining Group’s Kamoa-Kakula project, which achieved commercial production in August 2024. This joint venture operation produced 437,061 metric tons in 2024, up from 393,551 metric tons the previous year, with Ivanhoe guiding for 520,000 to 580,000 metric tons of production in 2025.

Peru held third position with 2.6 million metric tons of copper in 2024, though this represented a decline of 160,000 metric tons from 2023’s output. Freeport McMoRan’s Cerro Verde mine, Peru’s largest copper operation, experienced a 3.7 percent production decrease during the year. The decline resulted from lower volumes of stockpiled leach ore and maintenance-related reductions in milling rates. Peru’s copper sector also includes Anglo American’s Quellaveco mine and Southern Copper’s Tia Maria operation, with the majority of the nation’s copper exports destined for China, Japan, South Korea, and Germany.

China, despite being renowned for its downstream refining capacity, ranked fourth in primary copper production at 1.8 million metric tons in 2024, marginally below 2023’s 1.82 million metric tons. This figure continues a modest declining trend from the 1.91 million metric tons peak recorded in 2021. However, China’s dominance in refined copper production is unparalleled: the nation produced 12 million metric tons of refined copper in 2024, representing over 44 percent of global refined copper production—six times Chile’s refinery output. Additionally, China holds the world’s largest identified copper reserves at 190 million metric tons. The Qulong copper-molybdenum-silver-gold mine in Tibet, now operated by Zijin Mining Group (which acquired a 50.1 percent stake in 2024), stands as China’s largest copper mine, with estimated 2024 production of approximately 366 million pounds of copper.

Mid-Tier Producers Gaining Momentum

Indonesia moved into fifth place among the largest copper producing countries in 2024, generating 1.1 million metric tons and surpassing both the United States and Russia. The nation’s copper production has expanded steadily, rising significantly from 907,000 metric tons in 2023 and 731,000 metric tons in 2021. Freeport McMoRan’s Grasberg complex remains the country’s flagship operation, while PT Amman Mineral’s Batu Hijau mine contributed substantially, with 2024 production estimated to reach 1.84 billion pounds of copper concentrate as the operation transitioned to processing higher-grade ore from Phase 7. In mid-2024, Amman Minerals commissioned a new smelting facility capable of processing 900,000 metric tons of copper concentrate annually.

The United States produced 1.1 million metric tons of copper in 2024, essentially matching Indonesia’s output despite a declining trend from its 1.23 million metric ton production in 2022. Arizona supplies approximately 70 percent of American copper output, with 17 mines collectively responsible for 99 percent of national production. Freeport McMoRan’s Morenci mine in Arizona (a joint venture with Sumitomo) represents the nation’s largest copper operation, producing 700 million pounds of copper metal in 2024 and holding 12.63 million million pounds of proven and probable reserves. Additional significant U.S. operations include Freeport McMoRan’s Safford and Sierrita mines, contributing 249 million and 165 million metric tons respectively.

Russia ranked seventh with 930,000 metric tons of copper in 2024, up from 890,000 metric tons in 2023. Udokan Copper’s Phase 1 mine in Siberia contributed substantially to this growth, producing approximately 135,000 metric tons despite experiencing multiple fires at year-end 2023. Phase 2 is anticipated to bring online an additional 450,000 metric tons of annual capacity by 2028.

Emerging Producers in the Top 10

Australia produced 800,000 metric tons of copper in 2024, a slight increase from 778,000 metric tons in 2023. BHP’s Olympic Dam mine in South Australia achieved a 10-year production high of 216,000 metric tons in 2024. Notably, Australia holds the world’s second-largest copper reserves at 100 million metric tons, behind only China’s 190 million metric tons. Though Glencore’s Mount Isa complex in Queensland ranks among Australia’s major copper operations, the company announced closure plans for the second half of 2025.

Kazakhstan entered the top 10 copper producers ranking in 2024 with 740,000 metric tons of output, leapfrogging Mexico and Zambia. The country’s copper production has expanded substantially from just 510,000 metric tons in 2021. Kazakhstan’s government released a National Development Plan in February 2024 targeting a 40 percent increase in mineral production by 2029 through expanded exploration, project co-financing, and investment tax incentives. KAZ Minerals’ Aktogay mine produced 228,800 metric tons in 2024, down from 252,400 metric tons in 2023.

Mexico rounded out the top 10 producers with 700,000 metric tons of copper in 2024, virtually unchanged from 2023’s output. Grupo Mexico’s Buenavista del Cobre mine in Sonora represents Mexico’s largest copper operation, while the company’s La Caridad mine ranks as the nation’s second-largest producing facility.

The Future of Global Copper Production

The outlook for copper production suggests continued market tightening over the coming years. With major mining regions aging and new capacity development lagging demand growth, global supply constraints may accelerate, supporting both copper prices and mining industry profitability. For investors seeking exposure to copper supply dynamics, tracking which country is the largest producer of copper and monitoring output trends across major producing nations provides valuable insight into this critical industrial metal market.