Global Copper Mine Production Grows Steadily, Latin America Dominates Output
The World Copper Factbook 2024, published by the International Copper Study Group (ICSG), highlights significant long-term trends in the global copper market. Since 1900, when global copper production stood at less than 500,000 tonnes, the annual growth rate has averaged 3.14%, reaching 22.4 million tonnes in 2023. Solvent extraction-electrowinning (SX-EW) production, which was virtually non-existent before the 1960s, accounted for 4.6 million tonnes of this total in 2023.
Latin America has become a key player in copper mining, with output surging from less than 750,000 tonnes in 1960 to 8.9 million tonnes in 2023, representing 40% of global production. Asia has also increased its share, rising from 6% to 21%, while North America's share has declined from 36% to just 10% over the same period.
Chile remains the top copper producer globally, contributing nearly a quarter of the world’s copper production, with an output of 5.3 million tonnes in 2023. Peru has also seen a significant increase in output since 2015, now accounting for 12% of the global total. The Democratic Republic of the Congo has emerged as a strong performer in recent years and is expected to surpass Peru as the second-largest producer by next year.
ICSG predicts that global copper mining capacity will increase to 32.4 million tonnes by 2028, with 20% from SX-EW processes and 80% from concentrates. This represents an 18% growth from the 27.5 million tonnes of capacity recorded in 2023. The capacity utilization rate, which measures production efficiency, stood at 81% in 2023. Capacity growth is forecast to average 3.3% annually, as new projects and expansions come online.
