2025 was one of the best years for the global copper market. Multiple factors — the United States’ plan to impose tariffs on the industrial metal, copper’s important status as a critical mineral, and major supply disruptions at copper mines in many parts of the world — combined to drive copper prices up 40% last year.

This upward momentum continued into 2026. Driven by market expectations of surging copper demand from the artificial intelligence industry, as well as a persistently tight supply picture, copper prices hit an all-time high of US$14,500 per ton in January this year, and this week copper prices once again approached a record high.

SP Angel analysts said recently that rising energy prices are pushing up mining costs, and combined with a shortage of sulfuric acid needed for production at one-fifth of the world’s copper mines, this could become another core driver pushing copper prices higher going forward.

Goldman Sachs is likewise bullish on copper prices rising again, mainly based on frequent supply-side production disruptions. The International Copper Study Group (ICSG) recently completely overturned its previous forecast of a global copper market surplus, and now predicts a 150,000-ton supply deficit in the global copper market in 2026.

Most of the world’s top ten copper mines have been in production for decades, with some mines dating back to the late 19th century. Their total mined copper output accounts for more than one-fifth of global mine production, with combined output of 4.9 million tons in 2025.

It is worth noting that Chile’s state-owned Codelco was previously overtaken by BHP in terms of equity production and lost its position as the world’s largest copper producer, and none of the company’s mines made the global top ten list.

Last year’s market performance already confirmed that production disruptions at major copper mines — for example, accidents at the Grasberg copper mine and the Kamoa-Kakula copper mine, which forced hundreds of thousands of tons of copper capacity out of the market — can have a significant impact on international copper prices.

World’s Top Ten Copper Mines (2025 Production Ranking)

Escondida

Located in Chile and jointly held by BHP, Rio Tinto, Mitsubishi Corporation and Japan’s JX Metals, it ranks firmly at the top globally, with mined copper output of 1.3476 million tons in 2025. The mine has long been the world’s largest copper mine. BHP’s nine-month operational report for the period ending March 31 shows that both ore mining volume and concentrator throughput at this mine hit record highs.

Grasberg Copper Mine

Located in Indonesia, it is operated as a joint venture between the U.S. company Freeport-McMoRan and the Indonesian state-owned enterprise PT Persero, with Freeport fully responsible for management. Output in 2025 was 460,400 tons. Last year the mine suffered a fatal landslide that triggered 800,000 tons of mud and debris to pour down, and production is still affected to this day. The company expects the large mining area in central Papua Province to return to full-capacity production only by early 2028.

Las Bambas Copper Mine

Located in Peru, it is jointly held by China Minmetals Resources, CITIC Group and Baota Tree Investment Company, with capacity of 411,300 tons in 2025. The mine frequently faced work stoppages due to public protests in 2024. In April 2025, local protest groups lifted a blockade on Peru’s core transport artery, and the mine officially resumed full production.

Buenavista Copper Mine

Owned by Southern Copper Corporation and located in Mexico, it rose to fourth place on this year’s list, with output of 409,400 tons in 2025. The mining area is located 22 miles south of the U.S.-Mexico border, and its mining history dates back to 1899, giving it a deep mining heritage.

Collahuasi Copper Mine

A mine in Chile, jointly operated by Glencore, Anglo American and Mitsui & Co., with output of 404,100 tons in 2025. In April this year, the mine advanced a US$1 billion infrastructure upgrade project, completing a water conveyance system that can transport water from the coastal town of Punta Patache to the Ujina mining area at an altitude of more than 4,400 meters.

KGHM Copper Mining Area

A wholly owned asset of Poland’s KGHM Polska Miedź, with output of 401,100 tons in 2025. The company announced last month that it plans to develop copper mine projects in Europe and Morocco to secure copper ore feedstock for its smelting base in Poland nearby; in addition, the company’s silver mine capacity also ranks first in the world.

Cerro Verde Copper Mine

Located in Peru, it is jointly developed by Freeport-McMoRan, Sumitomo Corporation and Buenaventura Mining, with output of 391,500 tons in 2025. The Peruvian government was among the first to mine copper oxide ore here and built one of the world’s first heap leach/solvent extraction-electrowinning (SX/EW) copper production facilities on the site in 1972.

Kamoa-Kakula Copper Mine

Located in the Democratic Republic of the Congo (DRC), it is jointly held by Ivanhoe Mines, Zijin Mining, Crystal River Company and the DRC government. It fell from third place last year to eighth this year, with output of 385,800 tons in 2025. In 2025, severe underground flooding triggered by seismic activity forced the mine to suspend production for three weeks. In April this year, Ivanhoe Mines lowered its short-term production forecast, saying that over the next 18 to 24 months the mining area will focus on underground infrastructure renovation, tunnel repair and development work, and ore output will remain constrained.

Antamina Copper Mine

A joint-venture mine in Peru whose shareholders include BHP, Glencore, Teck Resources and Mitsui & Co. It rose from tenth place to ninth, with output of 368,000 tons in 2025. The operator had previously estimated that the mine’s copper output would see a large increase of nearly 20%.

Oyu Tolgoi Copper Mine

Jointly built by Rio Tinto Group and the Mongolian government, with output of 345,100 tons in 2025. The Mongolian government holds a 34% stake in the project through the state-owned Erdenes Mongol company. This year Mongolia raised demands such as drawing project profits in advance and increasing its share of revenue, restarting negotiations on the commercial terms of this large US$18 billion mining project.

Other Well-Known Copper Mines (Alternative List)

Morenci Copper Mine, Arizona, United States: 313,100 tons

Quellaveco Copper Mine, Peru: 309,900 tons

Los Pelambres Copper Mine, Chile: 295,400 tons