The global copper market enjoyed one of its best years in 2025. The threat of US tariffs on the industrial metal and its rising status as a critical metal, coupled with major supply disruptions globally, played a role in helping push prices up 40% last year.
This run extended into 2026, where expectations of higher AI-driven demand and ongoing supply constraints pushed prices to a record high of $14,500 per tonne in January. This week copper Approaching another record
The prospect of higher mining costs due to higher energy prices and shortages of sulfuric acid, which is used in a fifth of global copper production, is the next big catalyst for copper prices, a Sprott analyst said recently.
Goldman Sachs is also optimistic about copper rising again, due to supply-side disruptions. Recently, the International Copper Study Group completely abandoned its previous surplus forecast, and now expects a deficit of 150,000 tons in 2026.
The top 10 mines, many of which have been in production for decades (some even dating back to the late 19th century), are responsible for more than a fifth of total global mine production – producing 4.9 million tonnes in 2025.
Surprisingly, having recently been overtaken by BHP as the world’s number one copper producer on an attributable basis, Chile’s state-owned Codelco no longer has any of its operations eligible to make the top ten.
As the past year has clearly demonstrated, disruption to these giant operations (such as the Grasberg and Kamoa-Kakula incidents, which saw hundreds of thousands of tonnes withdrawn from the market), can have a significant impact on copper prices.
1. Hidden
Chile’s Escondida, a joint venture between BHP, Rio Tinto, Mitsubishi and JX Advanced Metals, takes first place, producing 1,347.6 kilotonnes of copper metal in 2025. Escondida has long ranked as the world’s largest copper mine, but BHP’s operational review for the nine months to March 31 He pointed to the registration of mined materials and condenser productivity.
2. Grasberg
Grasberg in Indonesia, jointly held between Freeport-McMoRan and Indonesia’s state-owned Freeport-operated Persero, produced 460.4 kilotonnes for the year. Freeport is still experiencing the effects A deadly landslide last year released 800,000 tons of mud. The company expects that the giant complex will be built in Central Papua province Return to full capacity by early 2028.
3. Las Bambas
The Las Bambas mine in Peru, jointly owned by China’s MMG, CITIC and Pagoda Tree Investment Company, produced 411.3 kilotonnes in 2025. The mine was hit by protests in 2024, but protesters Agreement to lift the blockade of the road On Peru’s main transportation route, operations resumed in April 2025.
4. Buenavista
Southern Copper’s Buenavista mine in Mexico moves up this year’s rankings to fourth place with a production of 409.4 kilotonnes. Copper has been mined at the historic site, 22 miles south of the US border, since 1899.
5. Your colahuasi
The Colahuasi mine in Chile, a joint venture between Glencore, Anglo American and Mitsui, produced 404.1 kilotonnes. In April this year, Contractors System construction completed Which will transport water from the coastal city of Punta Patacchi to the Ojena depot, more than 4,400 meters above sea level, as part of a $1 billion infrastructure improvement project.
6. kg
KGHM in Poland, 100% owned by Polska Miedz, produced 401.1 knots. The company said last month that it was It is looking to invest in mines in Europe and Morocco To secure ore supplies near its smelting base in Poland. KGHM also ranked first in our website Classification of silver mines.
7. Green Hill
Cerro Verde in Peru, a joint venture between Freeport-McMohRan, Sumitomo and Buenaventura, ranked seventh with a production of 391.5 kilotons. The Peruvian government first mined oxide ores at Cerro Verde and built one of the world’s first SX/EW facilities in 1972.
8. Kamwa-Kakula
The Kamoa-Kakula complex in the Democratic Republic of Congo, jointly owned by Ivanhoe Mines, Zijjin Mining, Crystal River and the DRC government, fell from third place last year to seventh place – producing 385.8 kilotonnes. Ivanhoe ceased operations for three weeks in 2025 after that Seismic activity The underground mine was severely flooded. In April, Ivanhoe Lowered near-term production guidancepointing to the shift towards development, rehabilitation and underground access works that will restrict the delivery of ore during the next 18 to 24 months.
9. Antamina
Peru’s Antamina, owned by BHP, Glencore, Teck and Mitsubishi, moved to ninth place from 10th place, with production of 368 kilotonnes. Last year, Antamina operators She expected an increase of about 20% Directed by Cooper.
10. Oyu Tolgoi
Oyu Tolgoi, a joint venture between Rio Tinto and the Mongolian government, produced 345.1 kilotonnes. The government, which holds a 34% stake through state-owned Erdenes Mongol LLC, this year He demanded early dividend payments and a larger share of revenues, reopening negotiations on commercial terms for the $18 billion project.
Honorable Mentions: Morenci in Arizona, USA (313,100 tons), Cuelavico in Peru (309,900 tons), Los Pelambres in Chile (295,400 tons)
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