In this article, we discuss the top 15 copper-producing countries in the world.
Copper is one of the most commonly used and important metals in the world. According to Data Bridge Market Research, the global copper market size was around $304.79 billion in 2021 and is expected to reach $453.756 billion in 2029 at a CAGR of 5.1%. China is the world’s largest consumer of refined copper in the world. It consumed 52% of the global copper volume in 2021.
Covid-19 Impact
Like most industries, copper was also significantly affected by the pandemic. Compared to 2019, copper mining experienced a 2.9% decline in 2020, due to labor shortages, supply constraints, and mine closures. However, due to high demand paired with supply constraints, the copper market boomed in 2021 and crossed $10,000 per metric tonne in May 2021. The metal reached its peak at the end of March 2022, to $10230.89, and dropped substantially to $7651 at the end of October. The decline in prices came due to weaker demand from China since April 2022.
In 2021, $88.6 billion worth of copper was exported from 25 countries across the globe, representing a 52.1% increase on a YoY basis. Chile was the leader with $26.7 billion worth of exports, representing approximately 30% of all the exported copper ore.
Growth Catalyst
Copper has always had a high demand for electronics due to its malleability and high conductivity. Moreover, the demand for copper is expected to increase as the world moves towards renewable energy sources and the electrification of vehicles. According to International Energy Agency, the global copper demand could double by 2040.
Top Copper-Producing Companies
The Chilean government-owned company Codelco was the world’s largest copper-producing company with 1.78 million metric tonnes of copper produced in 2021. Freeport-McMoRan Inc. (NYSE:FCX) came in second to the Chilean company after producing 1.21 million metric tonnes. BHP Group Limited (NYSE:BHP), Vale S.A. (NYSE:VALE), Teck Resources Limited (NYSE:TECK), and Newmont Corporation (NYSE:NEM) are some of the other notable names in the copper mining industry.
Our Methodology
In this article, we selected the 15 countries that produced the most amount of copper in 2021. We arranged them in ascending order of their production in 2021. Furthermore, we also mentioned the copper reserves and the future outlook of copper production in these countries.
15. Mongolia
Production in 2021: 263,990 metric tonnes
Mongolia is home to Oyu Tolgoi, one of the largest gold and copper deposits in the world. Furthermore, according to Rio Tinto Group (NYSE:RIO), it is one of the safest and most sustainable projects in the world. It produced around 163,000 metric tonnes of copper in 2021 and is expected to operate till 2052. In addition, the project has still not reached its full capacity yet, which is due in 2028. After that, the Oyu Tolgoi mine is set to become one of the world’s largest copper and gold-producing mines.
In 2021, Mongolia exported approximately $3 billion worth of copper, accounting for 3.4% of global copper exports. Mongolia is the key copper exporter to China and exported 335,000 metric tonnes of copper to the country in the first quarter of 2022. With the current advancements in the Mongolian mining industry, the country is on its way to becoming the fifth-largest copper producer by 2030.
14. Poland
Production in 2021: 391300 metric tonnes
Poland is the world’s leading country in electrolyte copper production. The country exported $5.97 billion worth of copper in 2021, making it one of the leading copper exporters in the world. Moreover, the country has around 36 million tonnes of copper reserves. Rudna mine is the country’s largest mine. It produces copper and silver ores and is owned by KGHM Polska Miedź S.A.
On November 11, KGHM Polska Miedź S.A reported that the Polish metallurgical production of copper was 442.5 kilotonnes, while the mined production was 334.4 kilotonnes in the three quarters of 2022.
13. Brazil
Production in 2021: 403,300 metric tonnes
Mining is one of the major contributors to the Brazilian economy and is substantially responsible for the country’s positive balance of trade. In 2021, the company exported $980.81 million worth of copper. The mining giant Vale S.A. (NYSE:VALE) is a Brazil-based company that owns the largest and most significant mines in the country.
The Salobo Mine in Para was the largest copper-producing mine in the country in 2021, producing 191,700 metric tonnes of copper. The mine is owned by Vale S.A. (NYSE:VALE), which is one of the biggest mining companies in the world. The Sossego Mine was able to produce around 86,000 metric tonnes of copper in 2021, making it the second-largest mine in the country. It is also owned by Vale S.A. (NYSE:VALE).
12. Kazakhstan
Production in 2021: 520,000 metric tonnes
Kazakhstan produced 520,000 metric tonnes of copper in 2021. Aktogay Project in East Kazakhstan produced 136,400 tonnes of copper in the year making it the largest copper-producing mine in the country. It is owned by the British company KAZ Minerals plc. The mine is expected to exhaust by 2045. Furthermore, KAZ Minerals plc also owns Kazakhstan’s Orlovsky mine, Irtyshsky mine, and Artemyevsky mine.
According to Fitch Solutions, Kazakhstan is expected to produce 776,100 tonnes of copper in 2022, 803,270 tonnes in 2023, and 830,580 tonnes in 2024. The increasing copper production is owed to KAZ Minerals’ recent expansion plans and the new mining project, the Koksay copper mine, which the company recently started with China Nonferrous Metal Mining Group.
11. Canada
Production in 2021: 590,000 metric tonnes
The Highland Valley Copper Mine produces the most amount of copper in Canada, with 130,500 metric tonnes produced in 2021. The surface mine is located in British Columbia and will be able to continue its operations till 2040. Other than British Columbia, the provinces where copper is produced are Ontario, Newfoundland and Labrador, Manitoba, and Quebec.
In 2021, Canadian copper exports were $4.1 billion with US$10,314 per exported ton. Canadian miners are to potentially enter into agreements with the U.S. military to fund key mineral projects, especially in the Ring of Fire area which contains reserves of copper, among other minerals.
10. Zambia
Production in 2021: 726,379 metric tonnes
Copper is the backbone of the Zambian economy and accounts for 75% of Zambia’s total export earnings. Zambia produced a record high of 800,192.27 metric tonnes of copper in 2020, which declined by 4.5% to 726,379.19 metric tonnes in 2021. The Zambian Mopani Copper Mines produce the majority of the country’s copper and are the most significant copper deposit in Africa, producing approximately 88,000 metric tonnes of copper in 2021. Lumwana mine is another important mine in Zambia and is owned by Barrick Gold Corporation (NYSE:GOLD).
In 2021, Zambia exported $8.44 billion worth of copper in 2021. According to the UK investment firm SP Angel, the new Zambian president Hakainde Hichilema is focusing on increasing investments in the country and wants to triple the country’s copper output over the next decade.
9. Mexico
Production in 2021: 734100 metric tonnes
In 2021, Mexico produced 734.1 kilometric tonnes of copper. The nation has almost 53 million metric tonnes of reserves. Buenavista del Cobre Mine in Sonora is Mexico’s largest mine, producing 327.3 kilotonnes of copper in 2021. The mine is owned by Grupo México, S.A.B. de C.V. (OTC:GMBXF). Mexico exported $3.42 billion worth of copper ores and concentrates in 2021.
According to the National Institute of Statistics and Geography, Mexico’s copper production declined by 1.4% in July 2022, compared to the same period last year. The decline was faced by the country’s mining industry as a whole due to mine closures, operation delays, and lower ore grades. It is estimated that the total decline in copper production is expected to reach 4% by the end of the year.
8. Indonesia
Production in 2021: 810,000 metric tonnes
Indonesia is one of the world’s top copper-producing countries and it produced 810,000 MT of copper in 2021. The mine that produces the most copper is Grasberg Block Cave Mine, located in Papua, which produced 295.5 thousand tonnes of copper and an estimated 26.4 million metric tonnes per annum (mmtpa) of Run-of-Mine (ROM) in the year 2021. The mine, estimated to run out of the commodity by 2041, is owned by PT Indonesia Asahan Aluminium.
As per the remarks of the Indonesian President, Joko Widodo, the country may ban the export of copper in 2023 to improve the resource processing industry. Indonesia, being one of the top copper-producing countries, exported 2,235,454 tonnes of copper ore worth $5.4 billion in 2021.
7. Australia
Production in 2021: 817,700 metric tonnes
Australia has the second largest copper reserves in the world, second only to Chile at 93 million metric tonnes. In 2021, Australia produced 817,700 metric tonnes of copper, compared to 879,500 metric tonnes in 2020.
Copper exports account for about 10% of Australia’s revenue. In 2021, 50% of the exports by Australia were made to China, followed by Japan and South Korea. Furthermore, copper exports are expected to grow to 977 kilotonnes by 2023-2024, compared to 2021-2022’s forecast of 807 kilotonnes.
Olympic Dam copper-uranium-gold deposit has one of the largest copper deposits in Australia. It is owned by BHP Group Limited (NYSE:BHP). In FY2022, the mine produced 138.4 kilotonnes of copper, down from 205 kilotonnes in FY2021. Prominent Hill in South Australia and Girilambone in New South Wales are also some of Australia’s significant copper deposits.
6. Russia
Production in 2021: 820,000 metric tonnes
Russia produced 820 kilo metric tonnes of copper in 2021. Russian copper production reached a peak of 883 kilometric tonnes in 2012 and fell to 705 metric kilotonnes in 2017. The country has around 62 million metric tonnes of deposits.
Udokan deposits are Russia’s largest and the world’s third-largest deposits with over 26 million metric tonnes of copper reserves. The industrial mining on the deposit started in August 2022. The deposit is owned by the Russian company, Udokan Copper. It expects to start exports from the project in 2023, with China as its biggest buyer.
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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