Global Copper Supply: 2024 Production Rankings Reveal Market Dynamics

Market Context and Supply Concerns

Throughout 2024, the global copper landscape faced significant headwinds as aging mining operations outpaced new project development across major producing nations. With copper demand from the clean energy transition expected to accelerate in coming years, supply constraints have become increasingly critical. The copper market experienced substantial price volatility, ultimately reaching a historic peak above US$5 per pound in May 2024 for the first time ever. Industry forecasts suggest that copper supply deficits may emerge within the next several years, potentially driving further upside pressure on prices and benefiting mining company valuations.

Global copper output reached 23 million metric tons in 2024, according to US Geological Survey data. The distribution of this production reveals substantial geographic concentration, with a handful of nations dominating extraction. Meanwhile, refined copper processing tells a different story—China’s dominance in refining operations far exceeds its mining output, a dynamic worth examining.

Tier 1: South American Dominance

Chile maintained its position as the world’s largest copper producing nation, extracting 5.3 million metric tons, or roughly 23 percent of global supply. The country’s production base includes operations from Codelco, Anglo American, Glencore, and Antofagasta, alongside BHP’s Escondida—the world’s single largest copper mine. BHP’s 57.5 percent stake in Escondida generated 1.13 million MT of output in 2024, with Rio Tinto holding 30 percent. Notably, Chile’s production trajectory appears poised for expansion, with S&P Global projecting output to reach 6 million MT in 2025 as new mines ramp operations.

Peru ranked third globally with 2.6 million metric tons, representing a slight contraction from 2023 levels. Freeport McMoRan’s Cerro Verde—Peru’s premier operation—experienced a 3.7 percent production decline due to reduced leach ore stockpiles and maintenance-related milling rate decreases. Additional Peruvian operations include Anglo American’s Quellaveco and Southern Copper’s Tia Maria mines.

Tier 2: African and Asian Growth Markets

The Democratic Republic of Congo surged to second place with 3.3 million metric tons, up sharply from 2.93 million MT in 2023. This growth reflects the maturation of Ivanhoe Mines’ Kamoa-Kakula project, a joint venture with Zijin Mining Group that achieved commercial production in mid-2024. The operation produced 437,061 MT of copper during the year, with 2025 guidance targeting 520,000 to 580,000 MT—demonstrating rapid production ramp trajectories now underway in Central Africa.

Indonesia entered the top five with 1.1 million metric tons, surpassing both the United States and Russia. Freeport McMoRan’s Grasberg complex remains the nation’s flagship operation, while PT Amman Mineral’s Batu Hijau mine is expanding significantly. Amman commissioned a smelting facility in mid-2024 capable of processing 900,000 metric tons of copper concentrate annually to produce 222,000 MT of refined copper cathodes.

Tier 3: Traditional Producers and Emerging Competition

China produced 1.8 million metric tons of mined copper in 2024, marginally below 2023 levels, though the nation’s refined copper dominance remains unmatched. China processed 12 million metric tons of refined copper—exceeding 44 percent of global output and six times Chile’s refining volume. The country also commands the world’s largest copper reserves at 190 million MT. Zijin Mining Group’s Qulong mine in Tibet, majority-acquired in 2024, emerged as China’s largest copper operation with estimated 2024 production of 366 million pounds.

The United States produced 1.1 million metric tons, essentially flat versus 2023, with Arizona accounting for 70 percent of domestic supply. Freeport McMoRan’s Morenci mine (jointly operated with Sumitomo) remains the nation’s largest, producing 700 million pounds in 2024. Russia generated 930,000 metric tons, up from 890,000 MT previously, driven largely by Phase 1 ramp-up at Udokan Copper’s new Siberian operation.

Australia contributed 800,000 metric tons, with BHP’s Olympic Dam achieving a 10-year production high of 216,000 MT. The nation holds 100 million MT of proven reserves, matching Peru for second-highest global reserves after China’s 190 million MT.

Emerging Producers and Strategic Developments

Kazakhstan entered the top 10 ranking with 740,000 metric tons, leapfrogging Mexico and Zambia despite flat year-over-year output. The country’s National Development Plan, released in February 2024, targets 40 percent growth in mineral production by 2029 through enhanced exploration and investment incentives. KAZ Minerals’ Aktogay mine produced 228,800 MT during 2024.

Mexico rounded out the top 10 with 700,000 metric tons. Grupo Mexico operates the nation’s two largest mines: Buenavista del Cobre and La Caridad, collectively representing the bulk of Mexican copper exports directed primarily toward Asian markets.

Forward-Looking Implications

The 2024 production snapshot reflects a market transitioning amid supply pressures and evolving geographic concentration. While legacy operations in the Americas and Australia continue aging, newer projects in Africa and Asia inject growth capacity into the global system. Investment opportunities span the full value chain—from junior explorers to established producers, with particular attention warranted toward jurisdictions expanding capacity ahead of anticipated supply deficits. The copper market dynamics of 2024 suggest sustained price support and attractive risk-reward positioning for sector participants.