In this detailed article, we’ll explore 20 countries with the largest copper reserves in the world. If you want to skip the details and find the biggest copper treasures, go to5 Countries With The Largest Copper Reserves In The World.
Countries with the largest copper reserves in the world are advancing to earn more throughput capacity to increase their mining exports. Copper reserves and their efficient exploitation are not merely geological or industrial concerns but carry substantial financial implications and strategic value for nations.
The value associated with copper mining activities is primarily driven by the metal's applications in electronics, construction, and renewable energy, with the demand continually rising due to technological advancements and infrastructural developments worldwide.
The financial significance of copper reserves manifests through several channels. The revenues derived from copper mining, processing, and export significantly bolster the fiscal positions of countries with the largest copper reserves in the world.
This valuable metal contributes to the producer countries' Gross Domestic Product (GDP) and public sector revenues. For instance, in 2022, Chile, the country with the largest copper reserves, saw its mining sector contribute over 14% to its GDP, with copper accounting for a considerable percentage of export revenues.
According to The World Copper Factbook 2022, released by The International Copper Study Group (ICSG), Chile emerged as a preeminent figure in 2021, responsible for a substantial fraction of the world's copper output.
The country contributed to nearly one-third of the total copper mine production globally, with a prodigious yield of 5.6 million metric tons of copper in 2021. This significant copper throughput can be attributed to Chile's vast mineral reserves and robust mining industry infrastructure. If you wish to understand which countries are banking well on their copper reserves, we have already covered the Top 15 Copper Producing Countries; give them a read for a better perspective.
The Peruvian copper mining industry demonstrated considerable progress in the latter half of the last decade, starting from 2015. This period was marked by a notable surge in the country's copper output, which, in turn, led to Peru accounting for a remarkable 10.8% of the world's copper mine production by 2021.
Irrespective of Peru's uptick in identifying new copper reserves, the country's concession system is a hindrance to new investments in the mining sector. It is also noteworthy that Chile and Peru's impressive growth in copper production has altered the dynamics of global copper supply as the United States and European countries plan to diversify their mineral imports from mainland China.
World's Copper Mining Capacity
Chile's Escondida mine has a copper mining capacity of 1,510 thousand metric tons, which is the world's highest as of 2022. The Escondida mine is largely owned by BHP Group Limited (NYSE:BHP) (57.5%) and Rio Tinto Group (NYSE:RIO) (30%) and is primarily a copper porphyry deposit.
Closely following Escondida mine, the Grasberg copper mine, also owned by Freeport-McMoRan Inc (NYSE:FCX), in Indonesia, has a copper mining capacity of 800 thousand metric tons.
Morenci (also the 4th largest mine by capacity) and Safford mines in Arizona, owned by Freeport-McMoRan Inc (NYSE:FCX), also experienced a surge in copper production in 2022. The most significant increase in copper mine throughput in the US was at The Bingham Canyon Mine, owned by Rio Tinto Group (NYSE:RIO), in 2022, as its recovery rates were higher this year.
Antamania copper mine Chile operated by BHP Group Limited (NYSE:BHP), stands as the 7th largest copper mine in terms of throughput capacity as its capacity is 450 thousand metric tons.
Are Copper Reserves Dwindling Worldwide? How Long Will Copper Reserves Last?
As per ICSG data, copper mining capacity is expected to hit 31.2 million tons by 2026, as the use of refined copper is on an upward trajectory. For instance, copper consumption reached 25.3 million metric tons in 2021 (up from 500,000 tons in 1990) and is only rising.
Mines like The Bingham Canyon Mine, owned by Rio Tinto Group (NYSE:RIO), the Safford mines in Arizona, owned by Freeport-McMoRan Inc (NYSE:FCX), and Escondida Mine, largely owned by BHP Group Limited (NYSE:BHP) have a big share in the mining capacity.
Since the average compound annual growth for copper growth has been 3.3%, it poses an intensive question: are copper reserves depleting in the near future? According to the United States Geological Survey (USGS) data spanning from 1960 onwards, at any given time, an average of 40 years' worth of copper reserves has been consistently maintained.
Moreover, the global repository of copper is not solely reliant on the original ore reserves. Complementary strategies such as copper recycling, cutting-edge innovations, and continuous mining explorations have been persistently reinforcing the longevity of copper's availability.
While the modern technological era has incited an amplified demand for copper extracted from ore, the expansion of known reserves has seemingly kept pace with this trend. Evidence of this phenomenon is the expansion of reserves over the two decades from 2000 to 2021. Despite the extraction of 373 million tons of copper in this period, the reserves witnessed an augmentation by 447 million tons, resulting in a current total of 890,000 million metric tons of copper, according to USGS data.
A 2015 USG study states that identified worldwide copper reserves are 2.1 billion tons, while the untapped resources are estimated to be 3.5 billion tons. This expansion of reserves manifests the outcomes of continued exploration, advancements in mining technology, and the dynamic economics of mining operations.
But aside from the tapped and untapped copper reserves, the resource constraints in copper production are alarming. Owing to limited copper inventories the countries can mine and production shortages, the copper shortfall could reach around 20% of the consumption by 2035, which was only 2% in 2021. We have explained this subject in detail while covering 15 Biggest Copper Companies in the World; give it a read for more in-depth knowledge.
20 Countries With The Largest Copper Reserves In The World
USGS publishes annual mineral commodity summaries to furnish government estimates on minerals. For this list of countries with the largest copper reserves in the world, we referred to USGS's Mineral Commodity Summaries of 2023 and explored the copper section for their findings. Besides picking the countries with the largest copper reserves in the world from this report, we took a look at the recent events and trends in the copper sector from the same publication.
Aside from USGS, the International Copper Study Group (ICSG) is doing significant work in monitoring this mining section. Therefore, we studied The World Copper Factbook of 2022 from ICSG to understand how copper reserves have changed over the years. This factbook was a comprehensive source of learning about different copper mines' output capacities, global copper consumption, and forecasts in the sector.
Based on our data findings, here are the countries with the largest copper reserves in the world:
20. Canada
Copper Reserves As Of 2022: 7.6 million metric tons
Canada is presently positioned as the world's 20th largest holder of copper reserves, according to the United States Geological Survey. The country's reserves are estimated to amount to approximately 7.6 million metric tons, a substantial volume that showcases the richness of Canada's geology. These reserves, primarily located in British Columbia, Ontario, and Newfoundland, drive a thriving mining industry that employs thousands.
19. Brazil
Copper Reserves As Of 2022: 9.6 million tons
Brazil’s copper reserves amount to 9.6 million metric tons, as noted by OECD, giving the country 19th place amongst countries with the largest copper reserves in the world. The largest deposit, situated in Salobo in the Amazon Basin, constitutes a key asset of the nation's mining industry.
18. Pakistan
Copper Reserves As Of 2022: 12.3 million tons
According to recent geological studies, Pakistan possesses an estimated 12.3 million tons of copper reserves, a substantial resource of economic potential. These resources, primarily located in the Reko Diq region in Balochistan province, are yet to be fully exploited.
17. Turkey
Copper Reserves As Of 2022: 15.8 million tons
Turkey holds substantial untapped mineral potential with an estimated 15.8 million metric tons of copper reserves, according to the Turkish government. Most of these reserves are located in the Egani-Maden region, renowned for its extensive copper deposits.
16. Namibia
Copper Reserves As Of 2022: 18 million metric tons
Namibia boasts an impressive 18 million metric tons of copper reserves, primarily concentrated in the Otjihase and Matchless mines located in the Windhoek Rural district. Such reserves hold vast potential for the nation's future economic development and underline the importance of sustainable exploitation strategies.
15. Zambia
Copper Reserves As Of 2022: 19 million metric tons
Despite difficult working conditions, Zambia's mineral treasures stand on firm ground in the global mining sector. Zambia's confirmed copper reserves are estimated at approximately 19 million metric tons, which gives it a place amongst countries with the largest copper reserves in the world. These reserves are primarily distributed across the Copperbelt Province and the Northwestern Province. The Kansanshi copper mine in Northwestern province has an output capacity of 340 thousand metric tons, the 14th highest in the world in terms of throughput.
14. Kazakhstan
Copper Reserves As Of 2022: 20 million metric tons
Kazakhstan is a resource-rich Central Asian country with the 14th largest proven reserves worldwide. These reserves, estimated at 20 million metric tons, are a strategic asset for the country's economy, substantiating its international mining influence. Such considerable reserves suggest long-term sustainability for the nation's copper production, potentially reinforcing its standing within the global copper market. Moreover, the Aktogay Project in East Kazakhstan produced 136,400 tons of copper in 2021, which made it the largest copper-producing mine in the country.
13. Indonesia
Copper Reserves As Of 2022: 24 million metric tons
Indonesia is currently ranked 13th amongst the countries with the highest copper reserves in the world. Its substantial copper reserves are estimated at around 24 million metric tons. The reserves' magnitude is reflective of the richly endowed geology of the country, especially in regions such as Grasberg, which hosts one of the world's largest gold and copper mines. Grasberg, located in Papua, copper mine Freeport-McMoRan Inc (NYSE:FCX), has a copper mining capacity of 800 thousand metric tons, the world's second highest.
12. China
Copper Reserves As Of 2022: 27 million metric tons
As of the Mineral Commodity Summaries 2023 report of USGS, China holds the 12th largest reserves of copper globally. These reserves amount to approximately 27 million metric tons; the majority of these reserves are concentrated in Eastern China, within the provinces of Guizhou and Yunnan. These regions harbor some of the largest copper deposits in the country and serve as a critical backbone to its mineral resources.
11. Poland
Copper Reserves As Of 2022: 30 million metric tons
Poland is the 11th largest nation in terms of copper reserves globally, with a substantial figure of 30 million metric tons. The considerable concentration of these resources is predominantly located within the Lower Silesian Voivodeship, an area renowned for its rich mineral composition. KGHM Polska Miedź is one of the largest producers of copper and silver in the world that operates a series of mines in this region. The continued utilization and sustainable management of these reserves is essential to maintain Poland's prominence in global copper production.
10. Congo
Copper Reserves As Of 2022: 31 million metric tons
The Democratic Republic of Congo (DRC) ranks 10th in the list of countries with the biggest copper reserves worldwide, boasting 31 million metric tons of copper reserves. This vast reserve is primarily concentrated in the copper belt of Katanga Province, while in terms of copper production, the Kolwezi Province takes the lead. The Kamoa-Kakula copper mine in Kolwezi Province of DRC has an output capacity of 340 thousand metric tons, the 14th highest in the world (shared position with the Kanshansi mine of Zambia).
9. United States
Copper Reserves As Of 2022: 44 million metric tons
The US ranks as the 9th largest holder of copper reserves worldwide, with a deposit of 44 million metric tons. The lion's share of these reserves is located in Safford and Morenci mines in Arizona, primarily in the form of porphyry copper deposits. These Arizona-based reserves impact the nation's technology, construction, and energy sectors, along with symbolizing copper's enduring significance in an increasingly electrified economy. Moreover, the United States was the largest copper producing country until 2000, owing to its advanced mining technology. But after 2000, Chile took over and is now at the forefront of the world's copper sector.
8. India
Copper Reserves As Of 2022: 46 million metric tons
As of recent estimates, India possesses around 46 million metric tons of copper reserves. A significant chunk of these reserves, comprising high-grade copper ore, is located in the Balaghat Mine in Madhya Pradesh, a geological testament to the subcontinent's rich mineral heritage. This reserve could bolster India's domestic copper industry and foster opportunities for export growth, given the adequate investment and mining infrastructure.
7. Mexico
Copper Reserves As Of 2022: 53 million metric tons
Mexico is 7th in the world for copper reserves as it harbors an impressive 53 million metric tons of copper. A large portion of these reserves are located in Cananea, in the state of Sonora, home to one of the largest open-pit copper mines in the world. The Buenavista del Cobre mine in Cananea has an output capacity of 525 thousand metric tons, the world's 5th highest mine output capacity.
6. Afghanistan
Copper Reserves As Of 2022: 60 million metric tons
Afghanistan harbors one of the largest known untapped copper deposits globally, with an estimated 60 million metric tons of reserves primarily located in the Aynak deposit, south of Kabul. However, its exploitation faces significant logistical, social, and security challenges, demanding substantial investment, rigorous planning, and strategic collaboration with international partners.
