Global copper production is expected to increase by 4.8% to 22.6 million tonnes in 2023. The Democratic Republic of the Congo (DRC), Peru, and Chile will be the key contributors to the growth in global supply in 2023.
Meanwhile, Chile, Peru, the DRC, China, and the US are the top five copper-producing countries, collectively accounting for 46.9% of global copper production in 2022.
While production in the DRC will be supported by the increased output from the Kamoa Kakula and Tenke Fungurume mines, the increase in output from the Quellaveco Las Bambas Toquepala and Antapaccay projects will support production in Peru.
Meanwhile, copper production in Chile, the world’s largest producer, although affected by negative weather conditions during the first half (H1), is expected to recover and register an overall growth of around 3.2% to 5,503.6 kilotons in 2023 supported by mines recovering output declines during the rest of 2023.
Global copper production is expected to increase at a compound annual growth rate of 2.5% over the forecast period to reach 27.2 million tonnes in 2030.
Chile, Peru, and the US will remain the key contributors to this growth, supported by the start of new mines, as well as capacity expansions of existing projects over the outlook period.