World’s 10 biggest copper mines: supply risk and price drivers for planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Copper prices, already up 40% in 2025 and hitting a record $14,500/t in January 2026, are being driven by AI-related demand, supply disruptions and looming cost pressures from energy and sulfuric acid shortages, with the ICSG now forecasting a 150,000 t deficit for 2026. The 10 largest copper mines produced 4.9 Mt in 2025, led by Escondida at 1,347.6 kt, while major assets such as Grasberg and Kamoa-Kakula face landslide, flooding and seismic-related constraints that could remove hundreds of thousands of tonnes from the market. For planners and project developers, the rankings emphasise concentration risk in a handful of long-lived operations and the growing influence of infrastructure bottlenecks, community blockades and state renegotiations on effective supply.
Technical Brief
- Escondida in Chile delivered 1,347.6 kt copper metal in 2025, with record material mined and concentrator throughput.
- Grasberg’s 460.4 kt output followed a deadly landslide releasing 800,000 t of mud, with full capacity only expected by early 2028.
- Las Bambas produced 411.3 kt after 2024 community protests and a road blockade on its key Peruvian haul route were lifted in April 2025.
- Collahuasi’s 404.1 kt output is supported by a new $1 billion water pipeline from Punta Patache to the Ujina deposit at >4,400 m elevation.
- Kamoa-Kakula dropped to 385.8 kt after seismic-induced flooding halted underground operations for three weeks in 2025.
- Ivanhoe now prioritises underground development, rehabilitation and access at Kamoa-Kakula, constraining ore delivery for 18–24 months.
- Oyu Tolgoi’s 345.1 kt production sits under renegotiation, with Mongolia seeking earlier profit payments and a larger revenue share on the $18 billion project.
Our Take
With copper prices up about 40% in 2025 and the top 10 mines supplying more than a fifth of global mined output, any disruption at assets like Grasberg, Collahuasi or Buenavista materially tightens a market that our broader Mining category coverage already shows as driving $250 billion in added value for majors in early 2026.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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