The country retained its position as the world’s largest copper producer in 2024, slightly increasing its share compared to 2023. However, it remains far from the 30% share it held a decade ago. The gap with the second-largest global player has now narrowed to just 10 percentage points. But it is no longer Peru—last year, the Democratic Republic of the Congo (DRC) secured 14% of the market, while Peru accounted for 12%.
By Victor Guillou
In 2024, Chile maintained its top position in the global copper production rankings. The country secured this standing with 5.5 million tons of copper produced at operations within its territory—a figure that marked the first increase in five years, rising 4.9% compared to 2023. However, production remains below the 5.8 million tons achieved in 2018, a record
year for Chilean mining.
Although projections from the Chilean Copper Commission (Cochilco) suggest that the country could surpass six million tons of annual copper production by 2027, the global outlook remains challenging. This is particularly due to the rapid rise of the Democratic Republic of the Congo, a Central African nation that in 2024 overtook Peru to become the world’s second-largest copper producer.
In fact, despite the recovery in Chilean mining production in 2024, the rapid ascent of the African nation has led to the smallest historical gap between Chile and its closest competitor. In 2023, the 2.755 million tons (2.8 million tons) produced by Peru left a gap of 2.495 million tons (2.4 million tons) with Chile. However, by 2024, this difference had narrowed to 2.381 million tons (2.3 million tons), but this time, the gap is with the DRC, not Peru.
This shift comes despite the severe humanitarian crisis affecting the Central African country, which remains embroiled in a violent armed conflict led by the March 23 Movement, a guerrilla group that controls a mining-rich area near the Rwandan border. This region is particularly abundant in coltan, a key mineral for battery production.
Nonetheless, Chile accounted for 24% of global copper production in 2024, marking a slight rebound from the 23.4% recorded in 2023, the lowest point in the historical series. Over the past decade, Chile’s market share has declined by six percentage points, from the 30% recorded in 2015. In 2011, it stood at 33%, and during its peak production year in 2018, it was 28.33%.
By contrast, since 2011, the Democratic Republic of the Congo has increased its share of global copper production from 3% to 14% in 2024, while Peru has grown from 8% to 12% over the same period. As a result, Chile’s lead over the second-largest producer has now shrunk to exactly 10 percentage points. In 2023, the gap with Peru was over 11 points, and in 2022, it exceeded 13 points.
The Six-Million Goal
Looking ahead, the scenario remains challenging. Andrés González, Head of Mining Industry Analysis at Plusmining, noted that “the goal of reaching six million tons, which until a few years ago seemed feasible by the middle of the decade, has been significantly delayed. This has resulted in lower exports, reduced fiscal revenues, and a decline in Chile’sshare of global copper production.”
“For the future, it is expected that national production will surpass six million tons by the end of this decade. This will be driven by the development of major projects currently under construction, such as Centinela’s second concentrator plant, the expansion projects at El Teniente and Salvador Rajo Inca, among others. Additionally, the potential execution of projects that have not yet entered the construction phase—such as Los Bronces Integrado, Santo Domingo, the Los Colorados extension at Escondida, and possibly Vizcachitas—could further contribute to this goal,” González added.
Meanwhile, Cristián Cifuentes, Senior Mining Analyst at Cesco, emphasized that “Chile must continue to enhance its competitiveness in the mining industry, from exploration to the supplier chain. To achieve this, it is essential to adopt a comprehensive approach that integrates the different stages of the mining value chain.”
Source: La Tercera