Copper

Chile remains the world’s largest copper-producing country. According to the U.S. Geological Survey (USGS), Chile produced an estimated 5.3 million tonnes of mined copper in 2025, accounting for roughly one-fifth of global mine production. The Democratic Republic of the Congo (DRC) has emerged as the second-largest producer, with estimated production of 3.2 million tonnes, followed by Peru at around 2.7 million tonnes. China produced approximately 1.8 million tonnes of mined copper in 2025. China also plays a dominant role further down the copper supply chain. While its mined copper production is substantially below Chile’s, China was by far the largest producer of refined copper, with estimated refinery production of around 14 million tonnes in 2025, according to USGS data. At the company level, the picture has also changed considerably since 2020. Chile’s state-owned Codelco reported total attributable copper production of approximately 1.44 million tonnes in 2025, including its interests in El Abra, Anglo American Sur and Quebrada Blanca. Meanwhile, BHP produced more than 2 million tonnes of copper in FY2025, its highest-ever annual copper production. Its portfolio includes Escondida in Chile, the world’s largest copper mine, as well as Spence in Chile and its Copper South Australia operations.

Copper demand is expected to remain moderate with the world moving towards battery technology. The price trend seems to support the current rise in demand, but commodity prices are highly cyclical in nature.

Investors should pick copper miners who have good exposure to produce assets and also have reserves/resources for future feedstock, operating at a low cost. As the world is fighting climate change and environmental concerns are being given top priority, investors should look at the ESG record of the company before investing in any mining company.

Investing in mature copper miners will also provide dividends with decent dividend yields.