The 10 largest copper mines in the world in 2024

Grasberg Block Cave Mine is situated amid the towering mountains of Papua Province, Indonesia, and is jointly owned by PT Freeport Indonesia and PT Indonesia Asahan Aluminum. The underground mine is projected to remain operational for over 16 more years, until 2041. In addition to copper, the mine contains substantial reserves of gold and silver. Operations have generally been stable, though occasionally volatile. For instance, local communities have raised environmental concerns about the mine on several occasions over the past few decades, sometimes sparking violent conflicts. Moreover, the Grasberg Block Cave Mine has experienced repeated labor disputes and natural disasters. Nevertheless, the mine remains fully active, and ongoing development projects aim to ensure its long-term viability. 07 Antamina Mine Back in the beautiful Andes Mountains of Peru, the Antamina Mine—operated by Antamina Mining Company—is an open-pit project located at an elevation of 4,300 meters. Last year, the project produced 410,070 tonnes of copper and is expected to operate until 2036, with potential for extension if approved. Since its establishment in 2001, Antamina Mine has made positive contributions to the region, employing nearly 3,000 workers—almost half of whom hail from the local Ancash region—and boosting economic activity among domestic and regional suppliers. Earlier this year, the Peruvian government approved a $2 billion expansion project following several meetings between Antamina’s stakeholders and Oscar Villa Gargurevich, Peru’s Minister of Energy and Mines. 08 Morenci Mine The Morenci Mine stands out as the sole U.S. representative on this list. This open-pit mine lies in the arid landscape of Arizona and is owned by Freeport-McMoRan Copper & Gold Inc., having operated continuously since the 1880s. In 2023, Morenci produced 399,100 tonnes of copper, with reserves sufficient to sustain operations until 2051. Its historical significance cannot be overstated: the entire town of Morenci depends on the mine’s continued operation. In mid-June, Freeport-McMoRan’s CEO announced plans not only to secure a $475 million federal grant for clean energy projects but also to actively ramp up production to meet surging global demand. 09 El Teniente Mine El Teniente is reputedly the world’s largest underground copper mine. This historic mine, located in Chile’s Andes Mountains, began operations as early as 1819 and remains fully operational today. The joint venture is wholly owned by Corporación Nacional del Cobre de Chile (Codelco), and produced an impressive 397,320 tonnes of copper in 2023. Current estimates indicate the mine will continue production for another 50 years—a welcome prospect for the thousands of residents living in Sewell, the main town nestled on the Andean slopes. Given El Teniente’s historic contribution to Chile’s economy, many buildings in Sewell have been renovated to house miners and their families.

The Democratic Republic of the Congo (DRC) has officially banned exports of copper and cobalt concentrates; 70% of global cobalt supply will be affected, and international copper prices have surged accordingly—what impacts will this generate?

Folks, LME copper prices have already reached USD 14,369—just 4.4% short of USD 15,000. CITIC Securities declared today that “the copper sector is entering a phase of synchronized valuation and earnings growth,” signaling accelerating market sentiment. But let me tell you: the DRC’s export ban is merely an emotional catalyst—the real determinant of how far copper prices can go lies in fundamental supply-side dynamics. The DRC’s Export Ban: A Replayed Story—with a New Twist On August 6, the DRC reimposed its ban on copper concentrate exports. This narrative has played out before—in 2013, 2019, and 2023—each time featuring cycles of bans followed by relaxations, all justified under the banner of “promoting domestic processing.” This time, however, there’s a new detail: the ban includes a “one-year export exemption” clause, allowing applications under strategic circumstances. In plain terms: major mining operators are highly likely to obtain exemptions. Thus, the sharp price spike on the day of the announcement reflected emotional resonance—not a sudden shift in fundamentals. Guosen Futures described this as the “resource country’s proactive pricing phase.” Sounds sophisticated—but in reality, it’s the DRC government asserting authority vis-à-vis the M23 armed group, issuing a ban to signal to the world: “I am the sovereign.” Yet M23 continues fighting, and the Chinese embassy is still urging evacuations. Between a piece of paper and an armed non-state actor—who holds actual sway? You decide. A More Critical Development: Cobre Panama May Resume Operations This is the first “fresh perspective” I want to highlight. The Cobre Panama copper mine in Panama was forcibly shut down by the Panamanian government at the end of 2023. With annual output of roughly 350,000 tonnes, it accounts for approximately 1.5% of global copper supply. Once restarted, it would represent the single largest near-term source of incremental supply in the global copper mining sector. Latest update: The Panamanian government is considering establishing a state-owned mining company to pursue a public-private partnership with First Quantum Minerals to restart operations. First Quantum has already accelerated preparations: the mine currently holds around 38 million tonnes of stockpiled ore, containing roughly 70,000 tonnes of recoverable copper—enough to support 12 months of production. The company maintains its 2026 copper output guidance of 30,000–40,000 tonnes, all derived from processing existing stockpiles. Restarting full operations requires approximately USD 250 million in operating capital, and a government committee is evaluating whether a full-scale restart can be achieved before year-end. What does this mean? If Cobre Panama resumes full production in 2027, it will add 350,000 tonnes of copper annually. Goldman Sachs estimates a non-U.S. market deficit of 640,000 tonnes in 2026—so this 350,000-tonne increment could cover over half of that shortfall. The mine’s restart timeline represents the copper market’s biggest near-term “downside risk” over the next 12 months—yet it receives virtually no attention in market commentary. Bullish narratives never mention Panama. A Strange Shift Is Underway in the Scrap Copper Market Second “fresh perspective”: the tighter the copper concentrate supply, the fiercer the scramble for scrap copper—yet scrap copper itself is becoming scarce. Companies widely report that “recycled copper feedstock is extremely tight this year,” with high-quality scrap copper “snapped up the moment it arrives,” prompting buyers to station themselves permanently at trading markets to secure supplies. Why? Copper concentrate treatment charges (TCs) have plunged to negative USD 125 per tonne, rendering concentrate unaffordable for smelters—forcing them to pivot to scrap copper. But scrap copper supply is also tightening: globally tradable scrap copper remains persistently constrained, and inventories in key consumption regions—including China, Japan, South Korea, and India—are universally at low levels. Stricter invoice management for domestic scrap copper recycling in China, coupled with limited import supplementation, has caused domestic scrap-copper-derived blister copper output in May to fall 39% below its peak level earlier this year.

Panama Panel Recommends First Quantum Mine Restart to Fund Phased Closure

19 hours ago

A Panamanian commission recommended reopening First Quantum's shuttered Cobre Panama copper mine to fund its eventual closure, though terms remain undefined. Market reaction was mixed as ministers emphasized an "orderly closure" framework.

reuters

2026-07-22

Panama weighs creation of state-owned miner to pave way for Cobre Panama re-opening

2026-09-30

Giant Panama Copper Mine Gets Pathway to Temporary Restart

2026-09-30

Panama Panel Recommends First Quantum Mine Restart to Fund Phased Closure

Panama Panel Recommends First Quantum Mine Restart to Fund Phased Closure

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