An analyst at Sprott recently noted that rising energy prices and a shortage of sulfuric acid – one‑fifth of global copper production requires sulfuric acid – are increasing mining costs, which is seen as the next major catalyst for copper prices. Goldman Sachs is also optimistic about another surge in copper prices due to supply‑side disruptions. The International Copper Study Group has completely abandoned its previous surplus forecast and now expects a deficit of 150,000 tonnes in 2026. The world’s top 10 copper mines – many of which have been operating for decades, some since the late 19th century – account for more than one‑fifth of global copper production, collectively producing 4.9 million tonnes of copper in 2025. Remarkably, after recently losing the title of the world’s largest copper producer to BHP on an attributable production basis, Chile’s Codelco does not have a single operating mine in the top ten. As was fully demonstrated last year, operational disruptions at these giant mines (e.g., incidents at Grasberg and Kamoa‑Kakula that removed hundreds of thousands of tonnes of copper from the market) can significantly impact copper prices.
1. Escondida – Located in Chile, Escondida is a joint venture of BHP, Rio Tinto, Mitsubishi, and JX Advanced Metals. It produced 1,347,600 tonnes of copper in 2025, ranking first. Escondida has long been the world’s largest copper mine, and BHP’s operating review for the nine months ending March 31 noted record mining and concentrator throughput.
2. Grasberg – Located in Indonesia, Grasberg is jointly owned by Freeport‑McMoRan and Indonesian state‑owned Persero, with Freeport as operator. It produced 460,400 tonnes of copper for the full year. Freeport is still dealing with the aftermath of last year’s fatal landslide, which released 800,000 tonnes of mud. The company expects the massive mining complex in Central Papua to return to full production by early 2028.
3. Las Bambas – Located in Peru, Las Bambas is jointly owned by MMG, CITIC, and Pagoda Tree Investment Company. It produced 411,300 tonnes of copper in 2025. The mine was plagued by protests in 2024, but operations resumed in April 2025 after protesters agreed to remove blockades on a key transport route in Peru.
4. Buenavista – Southern Copper’s Buenavista mine in Mexico rose to fourth place in this year’s ranking, producing 409,400 tonnes. This historic mining area, located 22 miles south of the US border, has been producing copper since 1899.
5. Collahuasi – Chile’s Collahuasi mine, a joint venture of Glencore, Anglo American, and Mitsui, produced 404,100 tonnes. In April this year, contractors completed a system to transport water from the coastal town of Punta Patache to the Ujina deposit at over 4,400 metres above sea level, as part of a $1 billion infrastructure upgrade.
6. KGHM – Poland’s KGHM mine, wholly owned by Polska Miedź, produced 401,100 tonnes. Last month, the company said it was seeking to invest in mines in Europe and Morocco to secure ore supplies close to its Polish smelting base. KGHM also ranks first in our list of silver mines.
7. Cerro Verde – Located in Peru, Cerro Verde is a joint venture of Freeport‑McMoRan, Sumitomo, and Buenaventura. It produced 391,500 tonnes, ranking seventh. The Peruvian government first began mining oxide ore at Cerro Verde in 1972 and built one of the world’s earliest solvent extraction‑electrowinning facilities.
8. Kamoa‑Kakula – Located in the Democratic Republic of Congo, the Kamoa‑Kakula mining complex is jointly owned by Ivanhoe Mines, Zijin Mining, Crystal River, and the Congolese government. It fell from third to eighth place, producing 385,800 tonnes. In 2025, seismic activity caused significant water ingress into the underground mine, and Ivanhoe suspended operations for three weeks. In April this year, Ivanhoe significantly lowered its near‑term production guidance, citing a shift in focus to underground development, remediation, and access work, which will limit ore feed for the next 18 to 24 months.
9. Antamina – Located in Peru, Antamina is jointly owned by BHP, Glencore, Teck, and Mitsubishi. It produced 368,000 tonnes, rising from tenth to ninth place. Last year, the operator of Antamina forecast a nearly 20% increase in copper output.
10. Oyu Tolgoi – The Oyu Tolgoi mine, a joint venture between Rio Tinto and the Mongolian government, produced 345,100 tonnes. The government, which holds a 34% stake in the mine through state‑owned Erdenes Mongol LLC, has this year reopened negotiations on the commercial terms of the $18 billion project, requesting early profit distributions and a larger share of revenue.
Other notable mines: Morenci in Arizona, US – 313,100 tonnes; Quellaveco in Peru – 309,900 tonnes; Los Pelambres in Chile – 295,400 tonnes.
Post time: May-25-2026
