February 26, 2024
Global copper production increased over 25% between 2010 and 2019 from 16 million tonnes to just over 20 million tonnes. Production remained relatively flat in 20 million tonnes range from 2016 through 2021 before increasing to almost 22 million tonnes in 2022, up 4% from the previous year. Although Chile has seen copper mine production decline since 2010 from about 5.4 million tonnes to 5.2 million tonnes, they remain the global leader accounting for 25% of the world’s total in 2022; down from a 34% market share in 2010. All other regions have seen copper production increase since 2010 led by the Congo which is up from 350,000 tonnes to 2.2 million tonnes, Peru from 1.2 million tonnes to 2.2 million tonnes, and China from 1.2 million tonnes to 1.9 million tonnes. The US has seen only marginal growth increasing from 1.1 million tonnes to 1.3 million tonnes. For comparison, Canada produced about 500,000 tonnes in 2022. Fluctuations in production levels are influenced by market demand and resource availability. The growth in copper production reflects the rising demand for the metal, especially for the expanding electric vehicle (EV) market. There has been a surge in production over the past couple of years, up 7%, as countries prioritize net-zero carbon goals.
Note: Mine production has 30% of copper (copper concentrate)
Source: US. Geological Survey