This article discusses the Top 5 Copper Producing Countries in The World. If you want to get detailed analysis on the copper market, you can head on to Top 20 Copper Producing Countries in The World.
5. United States
Copper Production in 2023: 1.1 million metric tons
According to the United States Geological Survey, Arizona was responsible for 71% of the domestic copper production. The United States ranks as the leading producer of copper globally and is among the top 10 nations in copper exportation. According to research conducted by the Atlantic Council, the demand for copper related to infrastructure is projected to surge to 4,000,000 kilograms by 2030. This is due to President Biden’s objective of constructing 500,000 new EV charging stations.
4. China
Copper Production in 2023: 1.7 million metric tons
China is one of the world’s largest copper consumers and is ranked fourth for global copper production in the world, having a share of round about 9% of the global copper production.
Production of Copper in China grew at CAGR of 1.10% between 2020 to 2023. But due to the massive construction projects that happen in the country, China has to rely on copper imports from other countries. Though it should be noted that when it comes to refined copper production, China is by far the winner.
3. Democratic Republic of Congo
Copper Production in 2023: 1.7 million metric tons
DCR has the title of owning the highest quality reserves of copper throughout the world. According to International Trade Administration, where the global average grade lies somewhere around 0.6 to 0.8 percent, DCR mines are said to hold grades higher than 3 percent. This is one of the main reasons, along with low-cost mines, why international mining companies have been showing increased interest in the southern copper belt of the country.
2. Peru
Copper Production in 2023: 2.6 million metric tons
Peru stands as the second largest producer of copper when it comes to production and ranks as third largest in terms of copper reserves, with 77 million metric tons of copper reserves, as given in Business Wire. Peru produces 11% of the total global copper production, according to Mining Technology.
1. Chile
Copper Production in 2023: 5 million metric tons
Chile is currently the top producer of copper in the world with copper reserves of almost 200 million metric tons. The country also boasts the three of biggest mines in the world, namely Escondida, Collahuasi, and El Teniente, producing 882.1 thousand tons, 563.39 thousand tons, and 397.32 thousand tons of copper in 2023. According to the United States Geological Survey (USGS), Chile is responsible for producing 24% of the world’s copper and the production is expected to reach an all-time high of 6 million metric tons by 2025, as given by S&P Global.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at Top 15 Copper Producing Countries in The World and 5 Biggest Iron Ore Mining Companies in Australia, 2024.
