Global copper production from mines is expected to increase to 23 Mt in 2023 and then rise to 24 Mt in 2024. The global copper market will see a slight surplus in 2023-24 with slight downward pressure on prices. However, there is potential for increased pressure if production in Chile and Peru does not go smoothly.
Industry consensus data showed that global copper production from mines rose to 21.1 Mt in 2021, up 2% from 2020. Global copper production from mines will reach 22 Mt in 2022, up 4% from 2021. will be mainly due to increased production in Chile, Peru and the Democratic Republic of the Congo.
Chile and Peru will continue to be the largest copper producers in the coming years, accounting for about 25% and 12% of global production in 2024, respectively.
In addition, significant investment in manufacturing capacity in Indonesia will also be one of the biggest drivers of global production growth in 2022-24.
However, declining ore grades, aging equipment and increasing production costs may prevent a significant increase in copper production in the medium term and beyond. Meanwhile, issues of environmental and social responsibility will also have a negative impact on copper production, as a number of projects around the world are experiencing delays.
