Which country is the largest producer of Copper?

Chile is the largest copper-producing country in the world, with 5,600 thousand Metric tons (5.6 Million Metric Tons) of copper mined in 2021. Similarly Chile has the largest copper reserves in the world, estimated at  200 million tons (20,000 thousand tons). This article explores the Copper mining statistics from the United States Geological Survey.
Bar chart depicting largest copper producing countries in 2021
Top 10 copper producing countries (tons of gold)

Chile is the largest copper-producing country in the world, with 5,600 thousand Metric tons (5.6 Million Metric Tons) of copper mined in 2021. Copper production of Chile accounts for 27% of the total global output in 2021. Peru is the second-largest copper producer, with 2,200 thousand metric tons (2.2 million tons) tons of copper.

 China is the third-largest copper-producing country, with 1,800 thousand tons (1.8 million tons) of copper mined in 2021. Congo is a significant copper-producing nation, with 1,800 thousand tons (1.8 million tons) of copper output in 2021. The top three copper-producing countries account for about 46% of the total world output in 2021.

Top 10 Copper producing countries in the world are:- (Source- US Geological Survey)

RankCountryCopper Production (Thousand metric tons)
1Chile5,600
2Peru2,200
3China1,800
4Congo1,800
5USA1,200
6Australia900
7Zambia830
8Russia820
9Indonesia810
10Mexico720
Table of Worlds largest Copper mining countries

Chile will continue to remain in the number one position in the copper production rankings as Chile accounts for 23% of all Copper reserves in the world.  The production of copper from Chile remained stable around 5.6 million tons in the last few years.

Similar to copper mining, Ghana is the fastest growing copper-producing country as copper output from Ghana increased by 64% from 1.1 Million tons in 2016 to 1.8 million tons in 2021. 

Contents

How much Copper is produced in the world each year?

 The total quantity of copper mined worldwide in 2021 is 21,000 thousand tons ( 21 million tons).  World’s total copper production in 2021 is at the highest level since 2016, copper output increased from 20 million tons in 2016 to 21 million tons in 2021.

How much copper mined every year
Total Copper Mine Production 2016-2021 (Million tons)

How much Copper reserves are present in the world?

US geological survey estimates that the total Confirmed copper reserve in the world is 880 million tons. With 21 tons of copper produced, only 2% of the total copper reserves were mined in 2021. The world will not run out of copper as the earth has an abundance of copper available to be mined. .

Total confirmed gold reserves estimated was 870 million tons in 2019 and 2020.

Total Copper reserves in the world
Total Copper Reserves (Million Tons of copper)

Which country has the largest Copper reserve?

Chile has the largest copper reserves in the world, estimated at  200 million tons (20,000 thousand tons). 23% of the total copper deposits are found in Chile. With an abundance of natural resources mining is a significant industry in Chile.

Which country has the largest copper reserves in the world
Countries with the largest Copper reserves in 2021 ( in Million tons- Source-USGS)

 With 93 million tons in Identified copper reserves, Australia has the second-largest copper reserves in the world. Peru is the third-largest country, with 77 million tons of copper reserves. Russia has significant confirmed copper deposits estimated at 62 million tons.

 50% of the world’s total copper reserves are found in the top four countries.

The below table demonstrates estimated Copper resources located in each country in 2022- (Source- US Geological Survey)

RankCountryCopper Production (Thousand metric tons)
1Chile200,000
2Australia93,000
3Peru77,000
4Russia62,000
5Mexico53,000
6USA48,000
7Congo31,000
8Poland31,000
9China26,000
10Indonesia24,000
Table of Countries with Largest Copper Reserves in 2021 (Thousand Tons)

How much copper did Chile mine in 2021?

Chile is the largest producer of copper, with 5.6 million tons (5,600 thousand tons) mined in 2021. The quantity of copper mining output in Chile remained stable at around 5.5 million tons for the last 6 years. The highest level of copper output from Chile occurred in 2018 with 5.8 million tons produced.

How much copper did Chile mined last year
Copper mine production in Chile (Million Tons)

 

 With 200 million tons of identified copper reserves found in Chile, it has the largest quantity of copper reserves. 23% of total copper reserves in the world are found in Chile.

Most of the copper mining and reserves are found in the Northern regions of Chile. Stratabound deposits located primarily in northern coastal areas and parts of central Chile are another significant region of copper mining in Chile.

Codelco is a state-owned copper mining company, is one of the largest copper mining companies in the world, Antofagasta plc, is another important mining company in Chile.  Antofagasta plc is listed on London Stock Exchange and included in FTSE 100 index. 

 Is Peru the largest copper producer?

 Peru is the second-largest copper producer in the world, with 2.2 million tons of copper mined in 2021. Peru is currently behind Chile in copper production rankings.  Copper production in Peru is declining in recent years as the total mining output reduced from 2.5 million tons in 2017 to 2.2 million tons in 2021.

How much copper is mined in Peru
Copper mine production and reserves in Peru (Million tons)

 

 Peru is the second-largest copper producer in the world, with 2.2 million tons of copper mined in 2021. Peru is currently behind Chile in copper production rankings.  Copper production in Peru is declining in recent years as the total mining output reduced from 2.5 million tons in 2017 to 2.2 million tons in 2021.

 Peru has 77 million tons of identified copper reserves.  9% of the total Copper reserves of the world is found in Peru. Along with Chile, Peru also contributes to the importance of South America to the Copper Industry in the world.

The mining industry accounts for 10% of the GDP of Peru and 60% of total exports from Peru. The country is rich in copper, silver, and Zinc.

How much copper did China produce in 2021?

Like other industrial metals and minerals, China is also a significant producer of copper. In 2021, China produced 1.8 million metric tons (1,800 Thousand tons) of copper. China is the 3rd largest producer of copper. Being a global manufacturing hub, China is also an important consumer of copper.

How much copper is produced in China
Copper mine production and reserves in China ( Million tons)

Copper mining in China reached the highest level of 1.8 million tons in 2021, a slightly increased from 1.7 million tons produced in 2020.  

Identified Copper reserves in China is 26 million tons, equivalent to 14 times the current annual production. China accounts for 3% of the total copper reserves of the world.

Jiangxi Copper Corp, Anhui Tongling Nonferrous Metal Group, and Yunnan Copper Group are the largest copper mining companies in China.

Which is the largest copper producing country in Africa?

Congo is the largest copper-producing country in Africa with 1.8 million tons (1,800 thousand tons) of gold mined in 2021. Total copper mining output from Congo increased significantly in the last 6 years. From the 1.1 million tons of copper mining in 2016, Congo’s copper production increased to 1.8 million tons in 2021. Congo is the fastest-growing copper-producing country in the world.

Copper mining in Congo
Copper mine production and reserves in the Congo

 

Congo has 31 million tons of identified copper reserves. 4% world’s total copper reserves are in Congo. Copper exploration activity in Congo is improving and total copper reserves in Congo increased from 20 million tons in 2017 to 31 million tons currently.

Gecamine, the state-owned mining company, and  Anvil Mining, a Canadian mining company are the major copper mining companies operating in Congo.

Copper mining in the USA

USA is the fifth-largest copper producer, with 1.2 million tons (1,200 thousand tons) produced in 2021. Copper production in the USA is valued at $12 billion in 2021. In the last 5 years, copper mining activity remain stable in the USA with production levels maintained at 1.2 to 1.3 million tons. 

How much copper is produced in the USA
Copper mine output and reserves in the USA

Identified copper reserves of USA is 48 million tons, equates to 40 years of  current level of mining. 5% of world’s total copper reserves are in USA.

Arizona is the primary copper-producing state in America, accounting for 71% of copper mining in the USA. Copper is also mined in Michigan, Missouri, Montana, Nevada, New Mexico, and Utah.

Copper Mining in Australia

Australia is an important producer of copper, which mined 900 thousand tons (0.9 million tons) of copper in 2021. Copper production in Australia ranges from 850 thousand tons to 950 thousand tons in the last 5 years.

Copper Mining in Australia
Copper Mine production in Australia (Million tons)

 Australia has the second-largest identified copper reserves at 93 million tons. The copper reserves of Australia are second only to Chile. In 2021 Australian copper mines mined less than 1% of the total copper reserves in the country. Australia accounts for 11% of total copper reserves in the world.

According to Geoscience Australia, the major operating copper mines and copper deposits are Mt Isa copper-lead-zinc deposit in Queensland and the Olympic Dam copper-uranium-gold deposit in South Australia. Other major copper resources are at Prominent Hill and Carrapateena copper-gold deposits in South Australia, Northparkes copper-gold, CSA copper-lead-zinc and Girilambone copper deposits in New South Wales, the Ernest Henry, Osborne and Mammoth copper deposits and copper-gold deposits at Selwyn in Queensland and copper-zinc deposits at Golden Grove and the Nifty copper deposit in Western Australia.

Copper mining in Zambia

Zambia is the second-largest Copper producing country in Africa after Congo. The copper mine output from Zambia in 2021 was 830 thousand tons (0.83 million tons). Copper mining activity in Zambia remained stable in the last 5 years.

Copper mining in Zambia
Copper mining output in Zambia (Million tons)

Zambia has 2% of identified copper reserves of the world. Copper reserves of Zambia are currently at 21 million tons.

Copper mining in Russia

Total copper mine production from Russia was 820 thousand tons in 2021. Copper mining activity in Russia increased in the last 5 years, the total production increased from 710 thousand tons in 2017 to the current level of 820 tons.

Copper mining in Russia
Copper production in Russia (Million tons)

With 62 million tons of copper reserves, 7% of worlds identified copper reserves are found in Russia. The country mined only 1% of its copper reserves in 2021. 

Copper mining in Indonesia

Indonesia is the 9th largest copper producer, with 810 thousand tons of copper mined in 2021. Indonesia’s copper output is currently at its highest level. Like gold mining activity of Indonesia Copper output also fluctuates year on year as the production in 2019 was at a low point of 340 thousand tons.

Copper mining in Indonesia
Copper production in Indonesia- 2017 to 2021 ( million tons)

Indonesia accounts for 3% of total copper reserves worldwide, with 24 million tons of copper in confirmed reserves.

Copper mining in Mexico

Mexico is the 10th largest copper producing country in the world with 720 thousand tons of copper mined in 2021. Copper output from Mexico reduced from 760 thousand tons in 2017 to 720 tons currently.

Copper mining in Mexico
Copper mine production of Mexico 2017-2021 (Million tons)

Mexico has the 5th largest deposit of copper reserves in the world with 53 million tons of copper. Mexico accounts for 6% of the total identified copper reserves in the world.

Sources

I have studied various publicly available information from government sources and other public sources to prepare this article. Thanks to the creators of all the original data from the below sources.

US Geological Surveyhttps://www.usgs.gov/centers/national-minerals-information-center/copper-statistics-and-information

Chile official Source-https://www.cochilco.cl/SIAC/Paginas/English/Mining-in-Chile.aspx#:~:text=Copper%2C%20Copper%20and%20Silver%20Deposit&text=Most%20such%20deposits%20lie%20in,and%20parts%20of%20central%20Chile.

Government of Peru- https://www.trade.gov/country-commercial-guides/peru-mining-equipment-and-machinery#:~:text=The%20mining%20industry%20accounts%20for,America’s%20largest%20producer%20of%20copper.

Other Official Sourceshttps://pubs.usgs.gov/periodicals/mcs2022/mcs2022-copper.pdf

Government of Australia- https://www.ga.gov.au/education/classroom-resources/minerals-energy/australian-mineral-facts/copper


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Jaimon Varghese, CFA
Jaimon Varghese, CFA

Jaimon Varghese, CFA writes on topics related to Finance, Investments and Economics. He is a CFA Charter holder and a member of CFA Institute, Charlottesville, Virginia, USA.

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