René Muschter
Research Expert covering Industry & Mobility
Global copper mining industry - statistics & facts
As the most conductive non-precious metal, copper is indispensable for many industries, as demonstrated by the over 40 percent increase in global refined copper usage between 2010 and 2024. Global copper reserves have similarly grown over the same period and amounted to an estimated 980 million metric tons as of 2025. Meanwhile, total copper mine production worldwide reached an estimated 23 million metric tons that same year, continuing a steady upward trend.
Chile's leading global production with the DR Congo rising
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 capacity, with nearly twice the capacity of the next-largest mine, and also leads in actual output. The Democratic Republic of the Congo has risen to become the second-largest copper-producing country, overtaking Peru in recent years. On the trade front, Chile remained the top copper ore exporter by value in 2024, followed by Peru.
Corporate leaders and where copper ends up
BHP overtook Codelco as the leading copper mining company by output in 2025, producing close to 1.5 million metric tons. Codelco, the Chilean state-owned company, remained a close second, while Freeport-McMoRan ranked third. Construction is the single largest end use of copper, followed by consumer and general products. The global copper market posted a moderate surplus in 2025, though that surplus is forecast to narrow considerably in 2026.
Record prices and a tightening outlook
Copper prices hit an all-time high in 2025, with the LME annual average price surpassing all previous records. Despite the current surplus, mine capacity utilization has trended downward in recent years, even as global refinery production reached a record in 2024. The growing role of copper in electrification, electric vehicles, and energy transition infrastructure suggests that today's surplus may not last. With consumption consistently outpacing new mine discoveries, recycling and greenfield supply sources are becoming increasingly critical to meeting long-term demand.
