By 2040, global copper demand could increase by more than 40% — an estimate provided by UNCTAD. The metal is essential for power grids, solar panels, electric vehicles, and data centers. However, almost the entire volume of production is concentrated in a few countries. We examine where the world’s largest copper deposits are located and who controls them.
Where Copper Deposits Are Located
The world’s largest copper deposits are concentrated in South America. According to the USGS (Mineral Commodity Summaries 2025), Chile is the leader in reserves. The country holds 190 million tons of copper. Australia follows with 100 million tons. Peru, the Russian Federation, and Congo complete the top five, each accounting for approximately 80 million tons. In Australia and Russia, large deposits were discovered and developed in the 20th century, giving these countries a head start with ready infrastructure.
The largest copper reserves are associated with porphyry deposits — ore bodies that formed over millions of years in tectonic plate collision zones. The Andes are a classic example of such a zone: it is here that volcanic activity created conditions for the accumulation of vast volumes of copper. In Congo, the Central African Copperbelt stretches, one of the richest ore regions on the planet.
Which Copper Ore Deposits Influence the Market
With global production of approximately 23 million tons in 2025, only a few giant projects yield hundreds of thousands of tons. The share of other mines is much smaller.
Escondida (Chile)
Escondida in the Atacama Desert is the largest copper deposit in the world. In 2024, it produced 1.28 million tons of raw material — about 5% of global production — and set a record for output in the second half of the year.
This porphyry copper deposit is developed by a consortium: BHP owns 57.5% and acts as operator, Rio Tinto — 30%, JECO Corp — 12.5%. Two active mines feed three concentrators and two leaching areas. Reserves are sufficient for more than 50 years of operation.
Copper Deficit by 2035: What the IEA Forecasts — and Why It Concerns Everyone in the Industry
Grasberg (Indonesia)
Another copper ore deposit is located in Papua province in the Sudirman Mountains. It is notable for being considered one of the most inaccessible mines in the world. 48.76% of the project is owned by Freeport-McMoRan, and 51.24% by the state-owned company Indonesia Asahan Aluminum. In 2024, the mine produced approximately 815 thousand tons of copper — about 4% of the global volume.
Grasberg stands out not only for its volume of copper but also for the exceptionally high gold content in its ore. In 2025, production sharply declined: in September, a wet muck breakthrough occurred at the deposit, killing seven workers, and all operations were halted. Full recovery of production is expected no earlier than 2027.
Net Zero Without Illusions — Read Why Green Energy Faces a Metal Shortage
Udokan Deposit (Russia)
The Udokan copper deposit is located in the Zabaykalsky Krai. According to Udokan Copper LLC, JORC-compliant resources amount to 26.7 million tons of raw material with an average content of about 1.05% — the largest reserves in Russia and among the largest in the world.
The mining and metallurgical complex at Udokan has been operating for several years. The first launch complex opened in 2023, and in 2024, commercial product deliveries began. By the end of 2025, the complex mined a record 19 million tons of ore — already exceeding the planned capacity of the first stage of 15 million tons. Development is carried out under extreme conditions: permafrost, harsh climate, and remoteness from infrastructure. The second stage, with a capacity of up to 450 thousand tons of copper per year, is planned to be launched in 2028.
Alexey Yashchuk, CEO of Udokan Copper, is confident that copper has become one of the key metals in the energy market — and, according to most analysts, its significance will only increase.
Why the Largest Copper Ore Deposits Have Become a Strategic Resource
Copper has long moved beyond being just a building material: today, no technology works without it. One electric vehicle requires 2–3 times more copper than a car with an internal combustion engine. According to the IEA, access to copper resources is becoming a factor in energy security, on par with oil and gas.
Metal Shortage: What’s Wrong with Mining and Geology — An Analysis for Specialists
But this system has a vulnerability: it relies on a few points on the map. When Grasberg — one mine out of dozens worldwide — shut down in September 2025, copper prices on the exchange rose by almost 5% in a single day. This is a structural feature of the market.
Imagine that the entire world’s wheat harvest is grown in three fields, and one of them gets flooded. That’s roughly how the copper industry works: a handful of giant mines supply all buyers, and when one of them stops, prices instantly skyrocket. This is why every new mine coming into production is an insurance policy, because the more sources there are, the less dependence there is on large copper deposits.
If you work in the copper industry or are involved in geological exploration, please share in the comments how the reliance on large mines affects your practice.
Cover photo taken from the official website of Udokan Copper LLC
