Global copper resources are categorized using internationally recognized systems such as the United Nations Framework Classification (UNFC), which distinguishes between various types of deposits. These include extractable versus non-extractable, industrial versus non-industrial, and economic versus subeconomic resources. The term “reserves” specifically refers to copper quantities confirmed to be economically viable for extraction, while “resources” broadly encompass all known copper-bearing geological materials, excluding reserves.
As of the most recent comprehensive estimates cited from 2018 data by the United States Geological Survey (USGS), global copper reserves stood at approximately 720 million tonnes. The remaining copper resources were estimated at around 5,600 million tonnes. This total included about 2,100 million tonnes of identified resources and an estimated 3,500 million tonnes of undiscovered resources. These undiscovered figures were based on a 2013 USGS assessment which focused on the two most common forms of copper deposits porphyry and sedimentary types. Porphyry deposits alone accounted for an estimated 3,100 million tonnes, while sedimentary deposits were thought to contribute around 400 million tonnes.
Geographically, copper resources are widely distributed, though certain regions such as South America dominate the production landscape. Importantly, the cited 5,600 million tonne figure excludes copper known to exist on the ocean floor. Additionally, theoretical estimates suggest that the Earth’s crust could contain up to 300,000 million tonnes of copper, based on average concentrations down to a depth of 3.3 kilometers. While not economically feasible today, such deposits might become viable in the future.
Copper rarely occurs in its native metallic form. About 90 percent of copper comes from sulphide ores, while 9 percent comes from oxide ores. More than 160 different copper-bearing minerals have been identified, including chalcopyrite, bornite, malachite, and cuprite.
Mining methods vary by deposit type and depth. Open-pit mining dominates globally, followed by underground mining and leaching operations, the latter often associated with solvent extraction and electrowinning (SX-EW) technologies. Historically, global copper mine production has expanded significantly, particularly during the twentieth century and early twenty-first. By 2016, global mine output reached 20.2 million tonnes, marking a 3 percent increase from the previous year.
A major technological leap occurred in the 1970s with the introduction of SX-EW, which uses heap leaching and electrochemical processes to produce copper directly from low-grade ores. This innovation increased the efficiency and geographic accessibility of copper production. In terms of continental distribution, South America emerged as the leading producer by 2016, contributing 41 percent of global output, largely from Chile and Peru. Asia’s share grew significantly due to China's expansion, reaching 18 percent. Conversely, North America saw its contribution decline from 36 to 15 percent. Chile remained the world’s top producing country in 2016, yielding 5.5 million tonnes of copper. Within Chile, the Escondida mine was the single largest producer, delivering 1.27 million tonnes of copper through both concentration and SX-EW techniques.
Copper is refined via two primary routes: pyrometallurgy and hydrometallurgy. The dominant method, pyrometallurgy, involves high-temperature processing. Concentrated ores, containing 20 to 40 percent copper, are smelted into a matte composed of copper and iron sulfides. This intermediate material is then converted into blister copper with a purity of 98.5 to 99.5 percent. Subsequent fire refining and electrorefining produce high-purity copper cathodes (99.99 percent), which serve as a global standard for industrial use.
Hydrometallurgy, particularly the SX-EW process, is employed mainly for oxide ores or low-grade sulphide ores. This method also produces copper of high purity and accounted for 16 percent of global refined copper output in 2016. Recycling plays an important role in the copper supply chain. Recycled copper, derived from both new scrap (waste from manufacturing) and old scrap (post-consumer products), contributed 3.9 million tonnes or about 17 percent of the total 23.3 million tonnes of refined copper produced globally in 2016.
Copper’s unique physical and chemical properties, especially its excellent electrical and thermal conductivity, corrosion resistance, and antibacterial qualities make it indispensable across a wide range of industries. Approximately 90 percent of copper is used in electrical and communication applications. Around 40 percent is used in power generation and distribution systems, and 12.5 percent in electronic devices such as circuit boards and wiring. Another 12.5 percent of copper goes into the transportation sector, used in electric vehicles, trains, ships, and airplanes. The building industry consumes about 20 percent, with copper used for plumbing, roofing, and architectural panels. Consumer products such as coins, musical instruments, and household utensils account for another 10 percent. In addition, antimicrobial copper is regaining popularity for use in hospitals and public spaces.
Looking ahead, copper mine capabilities were expected to grow steadily. By 2020, total extraction capacity was projected to reach 25.9 million tonnes, with 4.9 million tonnes approximately 19 percent coming from SX-EW operations. This represented a 10 percent increase over 2016 levels. The growth rate in mining capacity was estimated at 2.9 percent annually, primarily through the expansion of existing mining sites.
One useful measure of industry potential is the utilization rate, the ratio of actual production to total capacity. In 2016, this rate stood at 86 percent, suggesting that most mines were operating below full capacity. This underutilization highlights the presence of untapped reserves that could be developed without constructing entirely new facilities. Another long-term indicator is the ratio of reserves to production, which provides insights into resource sufficiency relative to current extraction trends.
Global copper production has a strong foundation for continued growth. Existing reserves, evolving technologies, and expanded mining capacity form a robust supply base. However, several challenges loom.
High-grade copper ores are becoming harder to find. Exploration is capital-intensive and risky, often taking many years before new deposits become operational. Meanwhile, existing mines are increasingly forced to exploit deeper and lower-grade ores. Regulatory pressures, environmental constraints, and community opposition are additional factors complicating operations.
Supply and demand forecasts present a potential mismatch. According to Wood Mackenzie, a significant decline in ore mining could occur post-2019, potentially reducing global supply by 230,000 tonnes annually. At the same time, global demand was projected to rise by 2.1 percent per year, equivalent to 521,000 tonnes of new copper required annually. This gap could widen unless new high-quality deposits are discovered and developed.
Future demand will be driven largely by electric vehicles and renewable energy. Electric vehicles use significantly more copper than conventional vehicles up to four times more in fully electric models. With the global EV fleet expected to expand from 1 million to 140 million vehicles by 2035, copper demand is set to rise accordingly. Similarly, renewable energy technologies such as wind and solar are copper-intensive. These sectors require four to twelve times more copper than traditional power generation systems. Solar energy alone may need between 7 and 10 million tonnes of copper by 2030.
Infrastructure expansion, particularly in rapidly developing regions like Asia, also represents a significant driver of demand. Asia’s economic and demographic growth could add over 30 million tonnes of copper demand by 2030.