The copper price hit a new 16 month high in London this week, while BHP is predicting global copper demand to grow by at least a million tonnes a year, rising from the current 33 million tonnes annually to 50 million tonnes by 2050. US Geological Survey data signals supply must at lease double to avoid a severe crunch.
Amplifying the alarm, some of the world’s biggest mines are experiencing production setbacks. The shutdown of Grasberg could swing the copper market into a deficit this year, according to analysts at Goldman Sachs. Flooding at Kamoa-Kakula, another major producer, caused its operator Ivanhoe to revise down its guidance, while Teck Resources slashed its copper guidance over persistent setbacks at its Quebrada Blanca mine in Chile and Highland Valley Copper operation in Canada.
Tracking global production, we rank the world’s top 20 copper mines for the first half of 2025, measured in kilotonnes (kt).
- Escondida
Escondida in Chile, a joint venture between BHP, Rio Tinto Mitsubishi, Nippon Mining, holds on to the top spot, producing 680,500 tonnes of copper metal in H125. While Escondida has long ranked the world’s biggest copper mine, the $53B proposed merger between Anglo American and Teck could create the world’s largest copper complex, according to analysts.
- Grasberg
Grasberg in Indonesia, held jointly between Freeport-McMoRan and Indonesian state-owned enterprise Persero and operated by Freeport, produced 297,103 tonnes in H125. Production at Grasberg mine has been under suspension since Sept. 8 after a landslide unleashed 800,000 tonnes of mud, trapping seven workers.
- Kamoa-Kakula
Kamoa-Kakula in the Democratic Republic of Congo. Owned jointly by Ivanhoe Mines, Zijin Mining, Crystal River and the DRC government churned out 245,129 tonnes. Ivanhoe halted operations at Kamoa-Kakula for three weeks after seismic activity on May 18 severely flooded the underground mine.
- Buenavista
Buenavista in Mexico, owned and operated by Southern Copper takes fourth place with 207,473 tonnes produced. Copper has been mined at the site, just 22 miles south of the US border, continuously as far back as 1899.
- Cerro Verde
Cerro Verde in Peru joint venture between Freeport-McMohRan, Sumitomo and Buenaventura 193,320 tonnes H125. The Peruvian government first mined Cerro Verde’s oxide ores and built one of the world’s first SX/EW facilities in 1972.
- Collahuasi
Collahuasi in Chile, co-owned by Glencore, Anglo American and Mitsui produced 189,600 tonnes. In July, Chile flagged lagging output from the mine.
- El Teniente
Chilean state run copper miner Codelco’s El Teniente, the world’s largest underground copper mine, churned out 172,000 tonnes, even though a multi-day shutdown at El Teniente due to a collapse triggered by a 4.2-magnitude earthquake in late July led to a loss of 20,000 to 30,000 metric tons.
- Quellaveco
Quellaveco in Peru, jointly owned by Anglo American and Mitsubishi churned out 156,600 tonnes of copper metal. This year, Anglo announced its is planning an almost $26 million upgrade at Quellaveco.
- Antamina
Antamina in Peru, co owned by BHP, Glencore, Teck and Mitsubishi produced 154,369 tonnes in H125. Antamina’s operators are forecasting an almost 20% boost in cooper output next year.
- Morenci
Morenci mine in Arizona, held by Freeport-McMohRan and Sumitomo produced 152,458 tonnes. The mine has a long history: it was established as an underground mine in 1871 by the Longfellow Mining Company and was converted into an open-pit mine by the Phelps Dodge Corporation in 1937.
- Oyu Tolgoi
Oyu Tolgoi in Mongolia owned by Rio Tinto and the Mongolian Government 152,000 tonnes. Rio in June said the ramp up of production from Oyu Tolgoi remains on track to deliver an average of around 500,000 tonnes of copper from 2028 to 2036.
- Los Pelambres
Los Pelambres in Chile, a joint venture between Antofagasta, JX Metals Mitsubishi and Marubeni produced 143,200 tonnes. In September, the union for supervisors rejected a contract offer, paving the way for a potential strike if further negotiations fail.
- Spence
Spence mine in Chile, sole owned by BHP, churned out 141,300 tonnes in H125. Last year, Spence became the company’s first fully autonomous operation, a status reached after a two-year journey that included converting its trucks fleet and drilling rigs.
- Radomiro Tomic
Codelco’s Radomiro Tomic mine in Chile produced 139,200 in H125. Last year, it signed a new three-year collective labor contract with the union representing Radomiro Tomic workers, ending a recurring dispute.
- Toquepala
Southern Copper’s Toquepala mine in Peru produced 128,503 tonnes in H125. A decade ago, Southern Copper sunk $1.2 billion into the mine’s expansion.
- Olympic Dam
BHP’s Olympic Dam copper mine in South Australia produced 117,000 tonnes of metal in H125. Last week, the world’s top miner invested more than A$840 million ($555 million) in the Olympic Dam copper, gold and uranium complex, advancing a series of growth projects ahead of a multibillion-dollar expansion decision expected in 2028.
- Chuquicamata
Codelco’s Chuquicamata mine churned out 115,300 tonnes. Mirroring progress at Radomiro Tomic, Codelco and Chuquicamata workers reached an early contract agreement late last year.
- Salobo
Vale’s Salobo mine in Brazil’s Pará state, produced 102,800 tonnes in H125. Last year, Vale resumed operations following a one-month suspension due to fire at a processing plant.
- Mt Isa
Mt Isa mine in Queensland, Australia, owned by Glencore, produced 98,900 tonnes of copper metal. In July, Glencore shut its final two copper mines in Mount Isa, ending more than six decades of operations.
- Quebrada Blanca
Quebrada Blanca in Chile, owned by Teck, Sumitomo and Codelco, produced 95,000 tonnes in H125. Last month, Teck said it was deferring major expansion projects while it works to fix output problems at Quebrada Blanca.
