Global copper mine production reached approximately 22 million tonnes in 2024, according to the USGS Mineral Resources Program — and the top 10 copper mining companies account for roughly half of that output. With grid buildout, EV adoption, and defence procurement accelerating simultaneously in 2026, identifying the most consequential producers in the copper supply chain has never been more commercially relevant. This ranking of the top 10 copper mining companies covers the operations that shape global supply.
How We Ranked the Top 10 Copper Mining Companies
Mine production volume (kt Cu contained) is the primary ranking criterion, using 2024 full-year figures from USGS Mineral Commodity Summaries, company annual reports, and Wood Mackenzie estimates where USGS data is unavailable. Reserve size and reserve life are used as secondary criteria where output volumes are comparable. Market capitalisation is noted for listed companies but does not directly determine ranking. Where production figures are company-reported estimates rather than USGS-confirmed, this is flagged explicitly.
1. Codelco — Chile (State-owned)
Chile’s state-owned Codelco (Corporación Nacional del Cobre de Chile) remains the single largest copper producer in the world, with output of approximately 1.33 million tonnes Cu in 2024 — a figure confirmed in its annual production report. Its asset base spans seven operating mining districts, with El Teniente (the world’s largest underground copper mine), Chuquicamata, and Radomiro Tomic among its flagship operations.
In 2026, Codelco is mid-way through a multi-billion dollar structural transformation programme aimed at reversing a decade of declining ore grades. Average head grade across its operations has fallen from approximately 1.5% Cu in the early 2000s to below 0.7% today — a sector-wide trend that is particularly acute at Codelco given the age of its deposits. Capital expenditure for 2025–2026 is targeted above $4 billion, though project execution delays have been a persistent operational risk. The company’s bond-financed investment programme leaves it exposed to interest rate movements in a way that private peers are not.
For context on how Codelco’s production connects to global South American copper supply, including the broader Chilean grade decline story, see our South America location hub.
2. Freeport-McMoRan — United States (NYSE: FCX)
Freeport-McMoRan (NYSE: FCX) produced approximately 1.9 billion pounds (~862 kt) of copper in 2024 across its global operations — a figure from company-reported production results. Its flagship asset remains the Grasberg copper-gold deposit in Papua, Indonesia, one of the largest single copper deposits on earth, now operating primarily as an underground block cave following the transition from open-pit operations.
Grasberg operates under a Joint Venture arrangement with Indonesian state miner PT Inalum (MIND ID), which holds a 51% stake in PT Freeport Indonesia. This ownership structure introduces a degree of political and regulatory exposure that pure Western-listed peers do not carry. In the Americas, Freeport operates the Morenci mine in Arizona (the largest copper mine in North America, company-reported ~790 million pounds per annum capacity), Cerro Verde in Peru, and El Abra in Chile. The 2026 development focus is on underground expansion at Grasberg and productivity gains at Morenci, where water availability remains an operational constraint in an arid basin.
3. BHP — Australia (ASX/LSE/NYSE: BHP)
BHP (ASX: BHP, LSE: BHP, NYSE: BHP) produced approximately 1.86 million tonnes of copper in its FY2024 (year ending June 2024), including its share of the Escondida joint venture in Chile — making it the second or third largest producer globally depending on the accounting period used. The production figure is company-reported.
Escondida, located in northern Chile’s Atacama Desert, is the world’s largest copper mine by output, producing an estimated 1.1 million tonnes per annum at peak (BHP operator, 57.5% share; Rio Tinto 30%; JECO 12.5%). Ore grade at Escondida has declined materially over the past decade, and BHP has invested in concentrator expansions and water management infrastructure — including desalination — to sustain throughput. BHP’s proposed acquisition of Anglo American in 2024 (subsequently withdrawn) was driven substantially by a desire to consolidate copper exposure ahead of projected supply deficits. Copper strategy remains the central plank of BHP’s portfolio repositioning.
4. Rio Tinto — United Kingdom/Australia (LSE: RIO / ASX: RIO)
Rio Tinto (LSE: RIO, ASX: RIO) produced approximately 660 kt Cu in 2024 (company-reported), primarily from its Kennecott operation in Utah (USA) and its 30% share of Escondida. The Oyu Tolgoi underground copper-gold project in Mongolia — now in full underground production following years of construction — is Rio Tinto’s single most important copper growth asset. Oyu Tolgoi’s underground block cave is expected to ramp to approximately 500 kt Cu per annum at peak, positioning Rio Tinto for a significant step-change in copper output through the late 2020s.
The Oyu Tolgoi project’s ownership structure involves Rio Tinto’s Turquoise Hill subsidiary and the Mongolian government (Erdenes Oyu Tolgoi), which holds a 34% stake. Political risk and power supply constraints in Mongolia have been persistent operational headwinds. Kennecott, one of the world’s oldest operating copper mines, faces declining ore grades and is undergoing a smelter upgrade in 2026.
5. Glencore — Switzerland (LSE: GLEN)
Glencore (LSE: GLEN) produced approximately 952 kt Cu in 2024 (company-reported), from a portfolio spanning the Democratic Republic of Congo, Zambia, Australia, Peru, and the Philippines. Its flagship African assets — Katanga, Mutanda, and the Mopani complex — make it the dominant Western-listed copper producer with significant exposure to the DRC and Zambia copper belt.
Glencore’s DRC operations carry geopolitical and infrastructure risk that peers with purely American or Australian asset bases do not face — including power supply constraints and export logistics dependencies on road and rail through neighbouring countries. The company’s marketing division provides additional copper revenues beyond equity production. In 2026, Glencore’s African copper ramp-up is a key watch item: the Mutanda restart has added material volume to global supply, and further expansions at the Kamoto Copper Company (KCC) are expected to increase DRC output.
6. Anglo American — United Kingdom (LSE: AAL)
Anglo American (LSE: AAL) produced approximately 730 kt Cu in 2024 (company-reported) from its Chilean operations — Collahuasi (44% share, JV with Glencore and JX Nippon), Los Bronces, and El Soldado. Following BHP’s failed takeover bid, Anglo has restructured substantially, with copper positioned as the core retained business alongside platinum group metals. Thermal coal and nickel assets have been divested or are under disposal.
Collahuasi, at approximately 4,500 metres elevation in northern Chile, is one of the largest copper deposits in the world by reserve size, with an estimated resource life measured in decades. The operation faces altitude-related workforce challenges and water management constraints. Anglo’s 2026 strategy centres on maintaining Chilean output while simplifying the portfolio — the Quellaveco mine in Peru, fully ramped since 2023, adds approximately 300 kt Cu per annum at Anglo’s equity share.
7. KGHM Polska Miedź — Poland (WSE: KGH)
KGHM Polska Miedź (WSE: KGH) is Poland’s state-controlled copper and silver producer, with 2024 production of approximately 380 kt Cu (company-reported estimate) from its primary Polish underground operations in Lower Silesia, supplemented by its Robinson mine (Nevada, USA) and the Sierra Gorda operation (Chile, 55% share). KGHM is one of the largest copper producers in Europe and one of the few significant Western producers with assets spread across three continents.
Its Polish underground mines extract copper from sediment-hosted ore at grades of approximately 1.5–2.0% Cu — unusually high for European operations. The key 2026 development is the ongoing feasibility work on the Ajax project in British Columbia, Canada, though permitting timelines remain uncertain. KGHM’s exposure to Polish energy costs and its state ownership structure mean its investment cycle is partially subject to government priorities rather than purely commercial logic.
8. Antofagasta — United Kingdom (LSE: ANTO)
Antofagasta (LSE: ANTO) — controlled by the Chilean Luksic family — produced approximately 664 kt Cu in 2024 (company-reported). It is a FTSE 100 constituent and one of the most liquid pure-play copper equities on the London Stock Exchange. Its asset base is entirely concentrated in Chile: Los Pelambres (60% stake), Centinela (70% stake), Antucoya, and Zaldívar (50% JV with Barrick).
Antofagasta’s Chilean concentration makes it a high-purity copper exposure for investors — there is no diversification away from copper or from Chile’s operating environment. Los Pelambres is its flagship, with an expansion adding approximately 60 kt Cu per annum of additional capacity, though water supply permitting for the desalination infrastructure has been a key constraint. In 2026, Antofagasta is one of the clearest signals of the copper market outlook for investors who follow the LME copper price — its earnings are directly leveraged to copper prices with minimal commodity diversification.
9. Ivanhoe Mines — Canada (TSX/NYSE: IVN)
Ivanhoe Mines (TSX: IVN, NYSE: IVN) is not the largest producer by current output, but its inclusion reflects the significance of its growth trajectory. The Kamoa-Kakula copper complex in the DRC — operated jointly with Zijin Mining (39.6% each) and the DRC government — is the world’s highest-grade major copper mine, with average grades reported at approximately 2.9% Cu in its Phase 3 ore zones. Production in 2024 reached approximately 430 kt Cu and is forecast to continue ramping.
Kamoa-Kakula’s ore grade advantage is the central reason Ivanhoe commands attention disproportionate to its current output scale. At a time when most major copper operations are managing declining head grades, Kamoa-Kakula provides one of the few genuinely high-grade, large-scale growth options in the global copper pipeline. DRC operating risk — infrastructure, power supply, political environment — remains the key offset. The DRC copper belt context is explored further in our Africa location hub.
10. Zijin Mining — China (HKEx: 2899 / SSE: 601899)
Zijin Mining (HKEx: 2899, SSE: 601899) produced approximately 1.0 million tonnes Cu in 2024 — a figure drawn from company-reported results — making it China’s largest copper producer and one of the fastest-growing majors globally by output. Its asset base spans the DRC (Kamoa-Kakula, as noted above), Serbia (Timok/Cukaru Peki), Tibet (Julong), and a range of other operations across Africa, Central Asia, and Latin America.
Zijin’s growth model — aggressive M&A, state financing access, and willingness to operate in frontier jurisdictions — has produced rapid output growth but also creates concentration risk around political and permitting environments that Western institutional investors assess differently from Chinese state-backed funds. Its Serbia operations (Cukaru Peki) are a notable European high-grade asset; Timok’s upper zone ore grades exceed 4% Cu, among the highest of any operating mine in Europe.
Top 10 Copper Mining Companies — Summary
| Company | HQ | Flagship Mine | Est. Output kt Cu (2024) | Ticker |
|---|---|---|---|---|
| Codelco | Chile | El Teniente / Chuquicamata | ~1,330 | State-owned |
| Freeport-McMoRan | USA | Grasberg, Morenci | ~862 | NYSE: FCX |
| BHP | Australia | Escondida (57.5%) | ~1,860* | ASX/LSE/NYSE: BHP |
| Rio Tinto | UK/Australia | Oyu Tolgoi, Kennecott | ~660 | LSE/ASX: RIO |
| Glencore | Switzerland | Katanga / Mutanda (DRC) | ~952 | LSE: GLEN |
| Anglo American | UK | Collahuasi (44%), Quellaveco | ~730 | LSE: AAL |
| KGHM Polska Miedź | Poland | Lower Silesia underground | ~380 | WSE: KGH |
| Antofagasta | UK (Chile assets) | Los Pelambres, Centinela | ~664 | LSE: ANTO |
| Ivanhoe Mines | Canada | Kamoa-Kakula (DRC) | ~430 | TSX/NYSE: IVN |
| Zijin Mining | China | Kamoa-Kakula, Timok | ~1,000 | HKEx: 2899 |
*BHP figure includes full Escondida output attributable to BHP’s operating year ending June 2024, per company-reported results. All figures are company-reported estimates or USGS proxies unless otherwise stated. Output volumes should not be treated as audited production figures.
Chile and Peru — Why South America Dominates Copper Mining
Chile and Peru together account for approximately 38% of global copper mine production, according to USGS data — a concentration with no parallel in any other critical mineral market outside rare earths. Chile alone holds an estimated 23% of global copper reserves. Four of the ten companies in this ranking derive the majority of their copper output from Chilean or Peruvian operations.
The defining long-term challenge in South American copper is ore grade decline. Chilean copper ore grades have fallen from approximately 1.5% Cu in the early 2000s to below 0.7% today across the national average, driven by the progressive depletion of the highest-grade zones at mature operations including Escondida, Codelco’s El Teniente, and Los Pelambres. Lower grades require processing more ore per tonne of copper produced — increasing energy consumption, water demand, and tailings volumes per unit of output. In the hyperarid Atacama, water is increasingly sourced via desalination at significant capital and operating cost.
Political risk has also emerged as a structuring factor. Chile’s royalty reform — enacted in 2023 — introduced a variable royalty rate on copper revenues for large operations, increasing the effective tax burden on producers above 50,000 tonnes per year. Peru has seen recurring community opposition and social conflict around major copper projects. These dynamics are examined in detail in the South America critical minerals hub.
Despite these constraints, no other region offers a comparable pipeline of large-scale, proven copper deposits accessible to Western capital. The DRC is the principal alternative supply region — explored in the Africa location hub — but political and infrastructure risk profiles are markedly different.
The Outlook for Copper Mining in 2026
Copper demand from grid infrastructure — transmission cables, transformers, and switching equipment — is projected by Wood Mackenzie to account for a growing share of annual consumption growth through 2030, alongside EV powertrains (approximately 80 kg Cu per battery electric vehicle) and defence electronics. The supply response to this demand signal is structurally constrained: average project development timelines from discovery to first production exceed 16 years, and most of the operations in this ranking are managing flat or declining head grades rather than adding new high-grade capacity.
Among the top 10 copper mining companies, Kamoa-Kakula’s production ramp (Ivanhoe/Zijin) and BHP Escondida’s concentrator optimisation represent the clearest near-term production growth stories. Codelco’s transformation programme is the largest variable — success would stabilise Chilean national output; delays could widen projected supply gaps. The copper price tracker covers how these supply dynamics are reflected in current COMEX and LME benchmarks.
This article is for informational purposes only and does not constitute investment advice. Production figures are estimates sourced from company reports and USGS data and are subject to revision. Prices are subject to change without notice.
Who is the largest copper mining company in 2026?
Codelco, Chile’s state-owned copper corporation, is the largest copper mining company by mine production, with output of approximately 1.33 million tonnes of copper in 2024. BHP ranks closely depending on the accounting period used, given its majority stake in Escondida, the world’s largest single copper mine.
Which country produces the most copper in 2026?
Chile is the world’s largest copper-producing country, accounting for approximately 23% of global mine output, according to USGS data. Peru ranks second, with the two countries together responsible for roughly 38% of global copper production. The DRC is the third-largest producer and the fastest-growing major copper nation.
What is the biggest copper mine in the world in 2026?
Escondida in Chile’s Atacama Desert, operated by BHP (57.5%) with Rio Tinto (30%) and JECO (12.5%), is the world’s largest copper mine by annual production, with output of approximately 1.1 million tonnes per annum at peak. Codelco’s Chuquicamata and El Teniente complexes and Freeport-McMoRan’s Grasberg in Indonesia are also among the largest individual copper operations globally.
How does copper mining connect to the energy transition?
Copper is a fundamental conductor in all energy transition infrastructure. A battery electric vehicle contains approximately 80 kg of copper — roughly four times the amount in a conventional internal combustion engine vehicle. Grid expansion for renewable energy requires copper in transformers, transmission cables, and substations. Goldman Sachs and Wood Mackenzie project a material structural supply deficit in copper through the late 2020s if mine development does not accelerate significantly.
Which copper mining companies are listed on the London Stock Exchange?
Four of the top 10 copper mining companies have primary or dual listings on the London Stock Exchange: Antofagasta (ANTO, FTSE 100), Anglo American (AAL), Glencore (GLEN), and Rio Tinto (RIO). BHP also has an LSE listing (BHP). Antofagasta is the largest pure-play copper equity on the LSE, with all its operating assets in Chile.
