The copper market is going through one of the most turbulent periods in its history. In 2025, prices rose 40%, and in January 2026 hit a record $14,500 per tonne. Prices are now approaching that peak again. The reasons go beyond surging demand from AI and the energy sector — major mines are experiencing persistent disruptions. The International Copper Study Group recently scrapped its earlier surplus forecasts and now expects a deficit of 150,000 tonnes in 2026.
The world’s ten largest copper mines account for more than a fifth of global production. In 2025, they collectively produced 4.9 million tonnes of copper. Here is how the list breaks down.
1. Escondida, Chile — controlled by BHP, Rio Tinto, Mitsubishi, and JX Advanced Metals. In 2025 the mine produced nearly 1.35 million tonnes of copper. BHP reported record ore processing volumes.
2. Grasberg, Indonesia — operated by Freeport-McMoRan and state-owned Persero. Output reached 460,400 tonnes. A fatal landslide struck the mine in 2025, and capacity has yet to be fully restored; a complete return to operations is not expected until 2028.
3. Las Bambas, Peru — owned by MMG, CITIC, and Pagoda Tree. The mine was blocked by protests in 2024, but the road blockade was lifted in April 2025. Annual production reached 411,300 tonnes.
4. Buenavista, Mexico — operated by Southern Copper. Output came in at 409,400 tonnes. Copper has been mined at this site since 1899.
5. Collahuasi, Chile — a joint venture of Glencore, Anglo American, and Mitsui. Production totalled 404,100 tonnes. Construction of a one-billion-dollar water pipeline was completed in April 2026.
6. KGHM, Poland — 100% owned by Polska Miedź. Output stood at 401,100 tonnes. The company is actively looking for new mines in Europe and Morocco to reduce its dependence on long-haul supply chains.
7. Cerro Verde, Peru — owned by Freeport, Sumitomo, and Buenaventura. The mine produced 391,500 tonnes. Its first processing plant was built in 1972.
8. Kamoa-Kakula, Democratic Republic of Congo — a joint venture of Ivanhoe Mines, Zijin, Crystal River, and the DRC government. Output reached 385,800 tonnes. The mine lost three weeks of production to flooding in 2025, and in April 2026 sharply cut its output guidance for the next two years.
9. Antamina, Peru — owned by BHP, Glencore, Teck, and Mitsubishi. Production totalled 368,000 tonnes. Operators projected a 20% increase in output for 2025.
10. Oyu Tolgoi, Mongolia — operated by Rio Tinto and the Mongolian government. Output came in at 345,100 tonnes. In 2026 the government demanded a renegotiation of the project’s commercial terms, seeking earlier payments and a larger revenue share.
Just outside the top ten and worth noting: Morenci in the United States (313,100 tonnes), Quellaveco in Peru (309,900 tonnes), and Los Pelambres in Chile (295,400 tonnes).
Notably, Chilean state miner Codelco — recently overtaken by BHP in total production — does not have a single mine in the top ten. And disruptions at giants like Grasberg and Kamoa-Kakula have a direct impact on global prices: hundreds of thousands of tonnes removed from supply push the market firmly toward deficit.
Source: S&P Global
Image: Anglo American
