In this article, we discuss the top 15 copper-producing countries in the world. To skip the detailed analysis of the copper industry, go directly to the Top 5 Copper Producing Countries in The World. 

Copper is one of the most commonly used and important metals in the world. According to Data Bridge Market Research, the global copper market size was around $304.79 billion in 2021 and is expected to reach $453.756 billion in 2029 at a CAGR of 5.1%. China is the world’s largest consumer of refined copper in the world. It consumed 52% of the global copper volume in 2021.

Covid-19 Impact

Like most industries, copper was also significantly affected by the pandemic. Compared to 2019, copper mining experienced a 2.9% decline in 2020, due to labor shortages, supply constraints, and mine closures. However, due to high demand paired with supply constraints, the copper market boomed in 2021 and crossed $10,000 per metric tonne in May 2021. The metal reached its peak at the end of March 2022, to $10230.89, and dropped substantially to $7651 at the end of October. The decline in prices came due to weaker demand from China since April 2022.

In 2021, $88.6 billion worth of copper was exported from 25 countries across the globe, representing a 52.1% increase on a YoY basis. Chile was the leader with $26.7 billion worth of exports, representing approximately 30% of all the exported copper ore.

Growth Catalyst

Copper has always had a high demand for electronics due to its malleability and high conductivity. Moreover, the demand for copper is expected to increase as the world moves towards renewable energy sources and the electrification of vehicles. According to International Energy Agency, the global copper demand could double by 2040.

Top Copper-Producing Companies

The Chilean government-owned company Codelco was the world’s largest copper-producing company with 1.78 million metric tonnes of copper produced in 2021. Freeport-McMoRan Inc. (NYSE:FCX) came in second to the Chilean company after producing 1.21 million metric tonnes. BHP Group Limited (NYSE:BHP), Vale S.A. (NYSE:VALE), Teck Resources Limited (NYSE:TECK), and Newmont Corporation (NYSE:NEM) are some of the other notable names in the copper mining industry.

Our Methodology

In this article, we selected the 15 countries that produced the most amount of copper in 2021. We arranged them in ascending order of their production in 2021. Furthermore, we also mentioned the copper reserves and the future outlook of copper production in these countries.

10. Zambia

Production in 2021: 726,379 metric tonnes

Copper is the backbone of the Zambian economy and accounts for 75% of Zambia’s total export earnings. Zambia produced a record high of 800,192.27 metric tonnes of copper in 2020, which declined by 4.5% to 726,379.19 metric tonnes in 2021. The Zambian Mopani Copper Mines produce the majority of the country’s copper and are the most significant copper deposit in Africa, producing approximately 88,000 metric tonnes of copper in 2021. Lumwana mine is another important mine in Zambia and is owned by Barrick Gold Corporation (NYSE:GOLD).

In 2021, Zambia exported $8.44 billion worth of copper in 2021. According to the UK investment firm SP Angel, the new Zambian president Hakainde Hichilema is focusing on increasing investments in the country and wants to triple the country’s copper output over the next decade.

Read more: https://www.insidermonkey.com/blog/top-15-copper-producing-countries-in-the-world-1087892/

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President Hakainde Hichilema has said Zambia’s ambitious target to increase copper production from the current 830,000 metric tonnes to 3,000,000 in the next ten years is attainable.

In a speech read for him by Mines and Minerals Development Minister Paul Kabuswe during the opening of the 10th Zambia International Mining, Energy Conference and Exhibition (ZIMEC) at Garden Court Hotel in Kitwe on Tuesday morning, President Hichilema said Government is committed to meeting the ambitious yet achievable target.

The Head of State said the New Dawn government is creating an attractive and competitive investment climate built on transparency, consistency, predictability and fairness while acting against corruption.

Mr Hichilema said the government has put in place favorable and predictable policies for investors to thrive and bring stability in the mining sector.

He charged that the mining sector was stagnant in the previous years because of what he termed as fights between the past government and the investors.

President Hichilema said time is right for Zambia to continue mining and ensure a win-win situation for the treasury, the investors and the community.

“I wish to reiterate our government commitment to reviving the Zambian economy anchored significantly by a robust mining sector that is amply supported by a vigilante energy sector. In marking over a year in office, our government continues to pursue a bold vision to usher in a new dawn for Zambia’s mining sector and indeed the rest of the economy including the essential energy sector. We are determined to deliver on our country’s mining and energy potential through a harmonised approach that optimally serves all stakeholders, Zambians and investors included. Premised on tenets of resilience and stability, will foster industrial development, create employment and grow national fiscal inflows for the equitable benefit of all,” Mr. Hichilema said.

“As a leading player in the global copper mining industry, we are striving to grow mineral output through new mines and expansion of existing ones in order to meet current as well as projected future demand growth. In this effort, I wish to implore all of you and emphasise our steadfast commitment to meeting the ambitious yet achievable goal of raising annual copper production levels from the current 830 metric tonnes to 3,000,000 metric tonnes in the next decade.We are creating an attractive and competitive investment climate built on transparency, consistency, predictability and fairness while acting against corruption in all its forms,” he said.

President Hichilema further appealed to investors to support local suppliers and contractors and work towards improving the communities hosting mining operations.

“Let me categorically state that investors in Zambia are assured of the rule of law guaranteeing security of tenure and investments. To this effect for example, good governance in the administration of mineral rights is being strengthened. A moratorium on the issuance of mining rights was affected while a systems audit was undertaken. We will soon launch the online payment portal that will enhance efficiency and integrity in the administration of the mining rights. We espouse collaboration and partnership as opposed to reducing nationalism. In this regard, Zambia welcomes investment that promotes local economic empowerment by allowing our people to participate meaningfully across the value chain. This reinforces the stability of your investments and fosters wide spread acceptance among our people. In the spirit of strategic engagement and partnership, Zambia recently signed a memorandum of understanding with the government of the Democratic Republic of Congo that will see two countries work closely to develop electric batteries and clean energy value chains,” he said.

Meanwhile Kitwe and District Chamber of Commerce President Emmanuel Mbambiko appealed to the government to bring sanity at Mopani Copper Mines and Konkola Copper Mines.

Mr. Mbambiko, a UPND official, said the business community in Kitwe district is affected by the dormant mine operations at KCM and Mopani.

Zambia Chamber of Mines of Zambia President Godwin Beene said the three-day conference which has attracted 300 delegates will entice investors to invest in the mining sector and help improve infrastructure, promote skills and develop communities.

Ministry of Energy Director incharge of Electricity Michael Mulasikwanda highlighted some of the plans the ministry is undertaking to grow the Energy Sector.

The 10th Zambia International Mining, Energy Conference and Exhibition (ZIMEC) that will run up to 3rd November 2022 is being held under the theme:”The Synergy between Mining and Energy, Developing sufficient sustainable energy to satisfy Zambia’s mineral production goals.”

Source: https://www.lusakatimes.com/2022/11/01/zambias-target-to-increase-copper-production-to-3-million-tonnes-in-the-next-ten-years-is-attainable/