Global Copper Supply: Which Nations Dominate the World's Largest Copper Producer Rankings in 2024

The copper market entered 2024 facing a critical juncture. On one hand, aging mining operations in top-producing regions sparked growing concern about the sustainability of copper supply chains. On the other hand, the energy transition and electrification initiatives are creating unprecedented demand for this essential metal. The result: copper prices surged to historic levels, breaking through $5 per pound for the first time in May 2024, driven by the tightening gap between supply and consumption.

In 2024, global copper mining output reached 23 million metric tons—a figure that masks deeper challenges ahead. According to the latest data, the industry faces a paradox: while supply constraints are intensifying, demand from China, the traditional consumption powerhouse, remains surprisingly subdued as the country grapples with economic headwinds. Yet analysts project that the coming years will shift the market decisively toward deficits, potentially creating tailwinds for both copper prices and mining company valuations.

Where Does the World’s Largest Copper Producer Source Its Metal?

Chile: The Undisputed Leader

At 5.3 million metric tons, Chile maintains its commanding position, capturing roughly 23 percent of global supply. The country’s dominance is anchored by world-class operations from state-owned Codelco and major miners like Anglo American, Glencore, and Antofagasta. The crown jewel is BHP’s Escondida—the world’s largest copper mine—which contributed 1.13 million MT of copper from BHP’s 57.5 percent stake in 2024. Production here is expected to accelerate dramatically in 2025, with forecasts suggesting Chile could hit 6 million MT as new mines reach full capacity.

The Democratic Republic of Congo’s Rapid Ascent

The DRC jumped to second place with 3.3 million metric tons in 2024, up from 2.93 million MT the previous year. This acceleration reflects the ramp-up of Ivanhoe Mines’ Kamoa-Kakula project (operated with Zijin Mining), which delivered 437,061 MT of copper in 2024 and is guiding toward 520,000–580,000 MT for 2025. The DRC now accounts for over 11 percent of global copper output, signaling a major shift in supply geography.

Peru, China, and Indonesia: A Three-Way Shift

Peru held third position with 2.6 million metric tons, though this represented a 160,000 MT decline year-over-year. Freeport McMoRan’s Cerro Verde, Peru’s flagship mine, saw output fall 3.7 percent due to maintenance challenges and lower ore grades.

China produced 1.8 million metric tons from mining alone, but its true copper power lies in refining: the nation processed 12 million MT of refined copper in 2024—more than 44 percent of the world’s total and six times Chile’s refining output. China also commands 190 million MT of proven copper reserves, the world’s highest.

Indonesia vaulted into the top five with 1.1 million metric tons, surpassing both the United States and Russia. The Grasberg complex remains the country’s primary driver, while PT Amman Mineral’s Batu Hijau mine is ramping up significantly after commissioning a smelting facility in mid-2024 that processes 900,000 MT of concentrate annually.

The Secondary Tier: US, Russia, Australia, Kazakhstan, and Mexico

The United States held steady at 1.1 million metric tons, with Arizona contributing 70 percent of domestic supply. Freeport McMoRan’s Morenci mine remains the largest US operation at 700 million pounds of copper metal in 2024.

Russia generated 930,000 metric tons, up from 890,000 MT in 2023, buoyed by Udokan Copper’s Siberia-based Udokan mine entering Phase 1 production with expectations of 135,000 MT annually. Phase 2, launching in 2028, could boost output to 450,000 MT.

Australia produced 800,000 metric tons, with BHP’s Olympic Dam achieving a 10-year production high at 216,000 MT in 2024. The country ranks second globally in copper reserves at 100 million MT.

Kazakhstan entered the top 10 for the first time with 740,000 metric tons, reflecting a national push toward mineral production increases outlined in its February 2024 development plan, which targets a 40 percent production boost by 2029.

Mexico rounded out the list at 700,000 metric tons, with Grupo Mexico’s Buenavista del Cobre and La Caridad mines anchoring production.

What This Means for Copper Markets

The data reveals a structural rebalancing. Emerging producers in Africa and Southeast Asia are closing the gap with traditional leaders, while developed-world supplies face grade and maintenance pressures. Against a backdrop of rising battery demand and grid modernization, this geographic diversification of supply—combined with reserve depletion at legacy mines—positions the copper market for continued tightness and potential price appreciation.