In this article, we discuss the top 5 copper-producing countries in the world. To read the detailed analysis of the copper industry, go directly to the Top 15 Copper Producing Countries in The World.
5. U.S.A
Production in 2021: 1.2 million metric tonnes
According to the United States Geological Survey, Arizona produced the most copper in 2021, responsible for around 71% of domestic production. In the same year, there were 1.2 million metric tonnes of recoverable copper content through mine production, valued at $12 billion, and it was 58% more than the value of $7.61 billion in 2020. However, the import of copper increased to 45% from 37% between 2020-2021. The other states that produced copper in 2021 were Michigan, Missouri, Montana, Nevada, New Mexico, and Utah.
In the world ranking for copper production, the U.S. is the top copper-producing country and is one of the 10 countries to export the most copper. In 2021, the exports of copper ore by the United States of America were worth $8,102 per ton, one of the most expensive exports of this commodity. The net exports of copper ore were $2.82 billion.
Per a study by Atlantic Council, the demand for infrastructure-related copper will increase to 4,000,000 kgs by 2030 because of President Biden’s goal of building 500,000 new EV charging stations.
4. Democratic Republic of Congo (DRC)
Production in 2021: 1.8 million metric tonnes
Congo is fast coming under the radar of investors and copper mining companies because of its large copper reserves and quality grade copper. Ivanhoe Mines’s establishment and commencement of copper production in its Kamoa-Kakula mine was the push that many others needed in the copper industry. According to Robert Friedland, the founder and co-chairman of Ivanhoe Mines, the DRC is the “Saudi Arabia of copper, cobalt and hydro-electric generation potential.”
In 2021, the country produced 1.8 million metric tonnes of copper. Moreover, the country produced 572,983 tonnes of copper in the first quarter of 2022, up 51% on a YoY basis. The copper exports in 2021 rose by 12.3% to 1.798 million. Kamoa-Kakula is the country’s top copper-producing mine which posted recording-breaking numbers earlier in the year. 25,126 tonnes were milled and 1,202 tonnes of copper was produced.
3. China
Production in 2021: 1.8 million metric tonnes
After producing 1.8 million metric tonnes in 2021, China takes one of the key spots among the world’s top copper-producing countries, reaching a high of 1.9 million metric tonnes in 2016. However, due to the high copper demand in China, the country has to import copper to meet its requirements. In 2022, 72.2% of the country’s demand was fulfilled through imports. China is the world’s biggest copper consumer.
After Chile’s demand for increased premiums, China appears to be leaning towards imports from Russia. China’s imports peaked at over $10 million in February 2022 and fell to approximately $3.7 million in October.
The Tibetan Yulong mine is China’s largest copper-producing mine. Over 1.1 million tonnes of copper were produced from the mine in 2021. The mine will exhaust in 2036 and is majorly owned by Western Mines Group Ltd.
2. Peru
Production in 2021: 2.2 million metric tonnes
In 2021, Peru produced 2.2 million metric tonnes of copper. The three largest mines in Peru are Cerro Verdo, Antamina, and Las Bambas, majorly owned by Freeport-McMoRan Inc. (NYSE:FCX), Glencore plc (OTC:GLNCY), and MMG Limited (OTC:MMLTF), respectively.
After experiencing a decline in production in 2020 due to COVID-19, copper production in the country increased by approximately 7% in 2021. At the end of 2022, the copper production of the country is expected to produce 4.8% more copper than in 2021, reaching 2.3 million metric tonnes. Peru is the second-largest copper-producing country in the world and has 77 million metric tonnes of reserves, making it the country with the world’s third-largest reserves.
1. Chile
Production in 2021: 5.62 million metric tonnes
Chile is the world’s top producer of copper and has reserves of around 200 million metric tonnes. The country produced 5.62 million metric tonnes of copper in 2021. The country has three of the world’s largest mines in the world. Escondida, the world’s largest mine, is mostly owned by BHP Group Limited (NYSE:BHP) and produced 7% of the world’s copper in 2021.
Chile produces 23% of the world’s copper. Chilean copper production fell by 1.9% in 2021 and according to S&P Global Commodity Insights, analysts forecasted a further 4.8% fall in 2022. However, it is expected to grow at a CAGR of 2.2% between 2022 and 2026 to 6.4 million metric tonnes at the end of the forecasted period.
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