Copper is a chemical element that is malleable, ductile, and flexible. Copper’s thermal and electrical conductivity are both extremely high. Copper has the symbol Cu and atomic number 29. Copper dissolves at approximately 1,984 degrees Fahrenheit (1,064 degrees Celsius).
Copper was the first metal to be manipulated by humans and remains an essential industrial metal today. Copper was first used as a substitute for stone around 8,000 BCE, and around 4,000 BCE, humanity began casting copper into molds.
Copper can be extracted from copper compounds such as carbonates, chlorides, and sulfides, as well as occurring as a primary mineral in basaltic lavas.
Copper is one of the most important and widely utilized metals in the globe. According to Data Bridge Market Research, the global copper market size was approximately $304.7 billion in 2021 and is projected to reach $453.75 billion by 2029 at a compound annual growth rate (CAGR) of 5.1%. China is the biggest consumer of refined copper on the planet. It consumed 52 percent of the current global copper volume.
The copper market has been booming, surpassing $10,000 per tonne, due to a ‘perfect storm’ of strong global manufacturing activity, rising demand for electric vehicles, constrained growth in global copper production after the pandemic, low stockpiles, and supply constraints due to shipping delays.
The upcoming year will be difficult for the primary copper-producing nations due to falling output and soaring prices. Chile was the world’s leading copper producer in 2021, with 5,600 ktonnes mined, followed by Peru (2,200 ktonnes) and China (1,800 ktonnes). The top ten copper-producing nations are listed below.
Top 10 Copper Producing Countries In The World 2024
1. Chile
Chile tops the list of copper-producing nations, despite having just recorded its lowest January output since 2011, with production falling 15% from December, and its copper export revenue in February falling 9.2% year-over-year to $3.83 billion. Its main mines include Escondida, Collahuasi, El Teniente, Chuquicamata and Los Pelambres.
The downward pressures offer little relief to a market battling low inventories and high prices. Chile’s economy is highly dependent on copper prices, which reached record highs in 2021 but are anticipated to decline in 2022. In the second half of the year, the high demand for consumer goods is anticipated to decline significantly, particularly in the face of rising inflation, which could lead to a recession in Chile.
2. Peru
Peru’s copper mining sector was severely impacted by COVID-19, with production falling by around 13% to 2,137,6kt, but there are signs of a rebound this year, with volumes totaling 199,255 tonnes in January, a 12.7% year-over-year increase. According to reports, Southern Copper Corp is close to finalizing an agreement with a group of communities to end a protest that led to the suspension of its Cuajone mine.
3. China
China’s refined copper output totaled 10,49mn mt in 2021, an increase of 7.4% year-over-year, according to data from the National Bureau of Statistics, and the country’s refined copper production capacity will continue to rise in 2022 due to a rising supply of copper concentrates. This year, China’s copper consumption will reach 13.65 million tons, according to research by Statista.
4. Democratic Republic of the Congo
The Democratic Republic of the Congo is endowed with extraordinary natural resources, including minerals such as cobalt and copper, hydropower potential, significant arable land, immense biodiversity, and the second-largest rainforest in the world. In addition to refined copper’s $4.06bn export market, copper ore ($544mn) and unprocessed copper ($249mn) are also significant industries.
5. Australia
Australia is the third-largest exporter of copper ore in the world and holds a 7.1% share of a $64.2bn annual market, with Chile (29.1%) and Peru (20.3%) leading the trio of prominent copper ore exporters. China imports 43.2% of Australia’s annual copper ore exports, with Japan coming in second at 28.0%.
6. USA
Since the 1840s, when the northern Michigan copper district developed, copper mining in the United States has been a significant industry. Copper exports in the United States rose to $829.92 million in January, up from $746.62 million in December, while copper imports surged to $1,420.73 million in January, up from $854.03 million in December.
7. Zambia
According to Fitch Solutions, Zambia’s copper production crested in the 1970s at 720,000 tonnes, but has since steadily declined and is expected to increase by 2.2% annually between 2012 and 2030. Future copper mines investment will be discouraged by Zambia’s resource nationalist rhetoric and its uncertain debt situation.
8. Russia
Russia occupies the eighth position on the list of copper producers, with an estimated 2021 copper production of 820,000 metric tons. The volume of copper produced fluctuated over the observed period, measured at its highest at 883,000 metric tons in 2012. In light of the conflict with Ukraine and European sanctions, it will now focus on new markets such as China.
9. Indonesia
Indonesia is mulling a ban on copper concentrate exports beginning in 2023. Currently, the majority of Indonesian copper concentrates are exported to Asian nations such as China, with only a tiny amount going to Japan.
10. Mexico
According to CAMIMEX, Mexico produced 732,863 tons of copper in 2018, a decrease of 4.6% compared to the 2020 projection of 768,542 tons. Copper generated over $18 billion in exports and, along with other metals, contributed 8.3% of the country’s gross domestic product.
