M. Garside
Research lead covering energy, chemicals & resources
Global copper mining industry - statistics & facts
As the most conductive non-precious metal, copper is indispensable for many industries, as demonstrated by the nearly 30 percent increase in global copper consumption in 2022 compared to 2010. The global copper reserves have similarly increased over the same period, and amounted to one billion metric tons as of 2023. Meanwhile, the total global copper production from mines amounted to an estimated 22 million metric tons in 2023, which similarly amounted to an increase of almost 30 percent since 2010.
Where is copper produced?
The world's leading copper producing countries include Chile, Peru, and the Democratic Republic of the Congo. Chile produces nearly one quarter of the world’s copper, and is also by far the country with the largest copper reserves. Escondida, located in the Atacama Desert in Northern Chile and owned by BHP, is the world's largest copper mine based on its total copper reserves, its production capacity, as well as its actual copper output.Global copper companies
The largest copper mining company worldwide based on production as of 2023 was the U.S. mining company Freeport McMoran. Freeport McMoran's copper production figures exceeded two million metric tons in 2023, or 4.2 billion recoverable pounds of copper. The second-largest copper producer worldwide, with approximately 1.39 million metric tons in 2023, was Australian mining company BHP. Codelco, a Chilean state-owned company, was previously the world's leading copper mining company, but in 2023 the company had a 25-year record-low copper production.Economic dynamics of the copper industry
Global copper consumption has steadily increased in recent years and currently stands at some 26 million metric tons. Forecasts for global copper demand show the same trend. Copper prices have remained relatively stable over the last decade (on an annual average price basis), reaching a record high in 2021. To meet these developments, the use of copper scrap for recycling purposes is now relatively high. Global production of refined secondary copper stood at approximately 4.15 million metric tons as of 2022. Because of the useful properties that this industrial metal has, its applications continue to be broad and prominent. For instance, copper's use in solar panels and electric vehicles means that copper's demand growth is not likely to slow down.M. Garside
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Jun 7, 2024
M. Garside
Research lead covering energy, chemicals & resources
