In this brief article, we’ll learn about 5 countries with the largest copper reserves in the world. If you want an insider scoop on the financial happening and developments in copper mining, read 20 Countries With The Largest Copper Reserves In The World.
5. Mongolia
Copper Reserves As Of 2022: 61.4 million metric tons
As of 2022, Mongolia boasts approximately 61.4 million metric tons of copper reserves, ranking fifth in the world. Most of these reserves are situated in the massive Oyu Tolgoi mine in the South Gobi region. This region has evolved into a strategic hub and plays a crucial role in the nation’s economy.
4. Russia
Copper Reserves As Of 2022: 62 million metric tons
Russia has the the fourth largest copper reserves in the world, as its treasure for this metal amounts to 62 million metric tons. A significant portion of these copper reserves are concentrated in the Ural Mountains region, well-known for its rich metallic mineral deposits. Ongoing geological surveys and mining advancements in Russia are expected to further enhance the exploration and extraction of these reserves. Furthermore, the Polar Division copper mine in Russia has the seventh highest copper output capacity in the world, i.e., 450 thousand metric tons.
3. Peru
Copper Reserves As Of 2022: 81 million metric tons
Peru is the third-largest holder of copper reserves globally, as it boasts approximately 81 million metric tons, according to USGS. These reserves are concentrated in the Antamina and Cerro Verde mines, which are amongst the world’s largest copper mines. For instance, the Cerro Verde II copper mine, largely operated by Freeport-McMoRan Inc (NYSE:FCX), has an output capacity of 500 thousand metric tons. Despite various environmental sustainability and social responsibility challenges, Peru’s copper mining industry is a vital component of its economy.
2. Australia
Copper Reserves As Of 2022: 97 million metric tons
Australia has the world’s second-largest copper reserves, which amount to 97 million metric tons. A big share of this abundant resource is concentrated in South Australia’s Olympic Dam mine, the largest known single deposit worldwide. This colossal copper reserve underscores Australia’s integral role in the international copper supply chain, and its mining operations demonstrate a fine-tuned balance between resource exploitation and sustainable stewardship.
1. Chile
Copper Reserves As Of 2022: 190 million metric tons
Chile’s copper reserves stand at 190 million metric tons, which are almost double that of the second ranked amongst the countries with the largest copper reserves. The country’s most significant copper deposits are found in the Atacama Desert, notably in the Escondida mine, the world’s largest copper mine. Chile’s extensive copper reserves cement Chile’s strategic position in international mineral trade, with copper exports significantly contributing to the national GDP.
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