Top Five Copper Producing Countries (Thousand Tonnes, 2021)
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Chile, Peru, China, Democratic Republic of Congo, and United States of America were the top five Copper producing countries (by volume) in 2021
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Chile was the leading Copper producing country (by volume) in 2021, with a Copper production of 5,635.7 thousand tonnes, down 1.7% YoY
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Peru ranked second (by volume in 2021) with a Copper production of 2,314.5 thousand tonnes (up 7.6% YoY), with the other three countries (China, Democratic Republic of Congo, and United States of America) cumulatively produced 4,766.6 thousand tonnes of Copper in 2021
Top Five Copper Producing Countries (Thousand Tonnes, 2021)
Copper production will play a significant part in the global shift to renewable energy over the next decade, as governments increase production of solar and wind technology, as well as electric vehicles, to achieve climate goals. Governments and policymakers, particularly in the US, Europe, and China, have made significant investments in renewable energy sources and technology as worldwide energy consumption is expected to increase in the coming years. Copper is necessary for transforming and transmitting these sustainable energy sources to a useful final state. Copper's qualities make it the most cost-effective material for a variety of sustainable energy systems, including cables, batteries, transistors, and inverters.
The COVID-19 pandemic had a significant impact on global copper mining in 2020, with a fall of 2.6% in overall production compared to 2019. The pandemic led to the temporary closure of mines and lockdown measures across the major producing countries. However, production recovered in 2021 and is expected to grow at a CAGR of 5% between 2021 and 2025. The major producing countries are Chile, Peru, China, Congo, and the US, which together accounted for nearly 60% of the total global production in 2021.
By volume, Chile was the leading copper-producing country in 2021, with a production volume of 5,636 thousand tonnes, down 1.7% YoY. Apart from COVID-19 imposed lockdowns, the country’s production output in the past has been impacted by adverse environmental conditions, labor strikes, etc. However, with over 20 projects expected to commence between 2020-2024, of which seven are under construction, the country’s production is expected to grow in the coming years.
Peru is the world’s second-largest copper-producing country, with a production volume of 2,314 thousand tonnes, up 7.6% YoY. The Peruvian copper market witnessed a major slump in production in 2020, due to operational disruption caused by COVID-19. However, most of the copper mining activities in the country resumed at the end of 2020, but reduced workforces and other restrictions have continued to hamper production levels in the subsequent quarters.
The other top three countries include China, the Democratic Republic of Congo, and the United States of America, cumulatively produced 4,7667 thousand tonnes of copper in 2021.
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