Where is copper produced?
The leading copper producing countries include Chile, Peru, and the Democratic Republic of the Congo. 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 the mining company BHP, is the world's largest copper mine based on its total copper reserves, its production capacity, as well as its actual copper output.Global copper companies
Fittingly, the largest copper mining company worldwide based on production is the Chilean state-owned company Codelco. This company reported copper production figures of 1.73 million metric tons in 2021. The second-largest copper producer worldwide, with approximately 1.2 million metric tons in 2021, was U.S. mining company Freeport McMoRan. Other top mining companies Glencore and BHP closely follow in copper production.Economic dynamics of the copper industry
Global copper consumption is steadily increasing, and currently stands at some 25.26 million metric tons. Forecasts for global copper demand show the same trend. Copper prices have remained relatively stable over the last decade (on an annual average price basis), reaching a record high in 2021. To meet these developments, the use of copper scrap for recycling purposes is now relatively high. Global production of refined secondary copper stood at approximately 4.15 million metric tons as of 2021.
