To The Moon

Do you think copper prices will keep soaring past $14,500/tonne?

Which miner do you trust most to capitalize on the demand boom—BHP, Southern Copper, or the upstart CMOC?

Share your thoughts below!

As energy transition accelerates, copper prices hit an all-time high in early 2026, with London Metal Exchange (LME) copper futures breaking through $14,500 per tonne. Amid this super cycle, the production rankings of the world’s top 10 copper producers have quietly shifted, reflecting the opportunities and challenges facing mining giants.

BHP Billiton retained its top spot with an annual output of 1.5 million tonnes. The Australian mining giant’s success is largely attributed to Escondida, the world’s largest copper mine, which produced 1.24 million tonnes of copper in 2024 (BHP holds a 57.5% stake). Notably, BHP has continued to expand its copper resource layout through acquisitions of OZ Minerals and Filo Mining, and its joint venture with Lundin Mining to develop the Vicuna mining district in Argentina signals strong confidence in future copper demand.

Codelco (National Copper Corporation of Chile) ranked second with 1.44 million tonnes, but its production faces severe challenges. Although its flagship Chuquicamata mine has transitioned from open-pit to underground mining, declining ore grades have pushed annual output below 600 million pounds. Despite completing 85% of Phase I infrastructure projects, maintaining production will require more large-scale investments.

Freeport-McMoRan secured third place with 1.26 million tonnes, but a production accident at its Grasberg mine in Indonesia cast a shadow over the U.S. company. A wet material influx in September 2024 killed 7 workers; while production is expected to gradually resume in Q2 2026, output will be affected in the short term. Meanwhile, its Morenci mine in Arizona and Cerro Verde mine in Peru have maintained stable production.

Notably, China’s $CMOC GROUP LTD(CMCLF)$ entered the top 10 for the first time, with its output surging to 502,600 tonnes (ranking 8th), mainly driven by the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo (DRC). Production at the mine jumped from 400 million pounds in 2020 to 992 million pounds in 2024, while cathode copper output at the Kisanfu mine increased by 75% year-on-year. This explosive growth confirms the successful layout of Chinese enterprises in African resource development.

Multiple intertwined factors underpin the production changes. Glencore’s output fell 6% to 951,600 tonnes (ranking 4th), reflecting challenges such as declining grades and water constraints at its Antapaccay and Collahuasi mines. Anglo American (ranking 6th) also saw a 6.5% production drop due to metallurgical recovery issues. Southern Copper Corporation (ranking 5th) bucked the trend with a 6.9% growth, benefiting from synergies between its assets in Peru and Mexico.

Meanwhile, an industry consolidation wave is reshaping the competitive landscape. In September, Anglo American and Canada’s Teck Resources announced an "equal merger" to form Anglo Teck, which will create a critical minerals giant headquartered in Canada. If completed, the deal will spawn one of the world’s top 5 copper producers, signaling further industry concentration.

Other companies in the rankings include $KGHM Polska Miedz S.A.(KGHPF)$ (7th), Antofagasta $Antofagasta plc(ANFGF)$ (9th), and Teck Resources $Teck Resources Ltd(TECK)$ (10th). Teck Resources’ output rose 50% to 446,000 tonnes, mainly driven by ramping up production at its Quebrada Blanca mine in Chile. The mine produced only 122 million pounds of copper in 2023 (its first year of operation) but soared to 458 million pounds in 2024.

Overall, global copper supply is undergoing a structural shift. On one hand, existing mines face traditional challenges such as declining grades, water constraints, and labor disputes; on the other hand, new projects take 10-15 years from exploration to production, making it difficult to quickly respond to demand growth. This supply-demand mismatch supports copper prices but also tests miners’ project execution and capital allocation capabilities.

Driven by both energy transition and AI data center construction, copper’s "super cycle" may have just begun. For the world’s top 10 copper producers, balancing existing production maintenance with new resource development will be key to determining their future industry status.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

• 💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉

• How to open a CBA. How to link your CDP account. Other FAQs on CBA. Cash Boost Account Website.