Global copper output to grow modestly in 2025, amid supply challenges in Australia and Indonesia

Global Copper Mine Output - Global copper mine output is projected to grow by 2.1% in 2025 to 23.4 million tonnes, up from 22.9 million tonnes in 2024, primarily due to output declines in Australia and Indonesia [1] Regional Contributions to Growth - Zambia is expected to deliver the largest contribution to growth in 2025, with output projected to rise by 19.2% to 937.5 kilotonnes, driven by the turnaround of ZCCM Investment Holdings' Mopani mine [2] - In Mongolia, the ramp-up of the Oyu Tolgoi underground mine will underpin growth and provide significant medium-term contributions [3] - Peru's output is expected to increase to 360-400 kilotonnes in 2025, up from 322.9 kilotonnes in 2024, due to higher output from China Minmetals' Las Bambas complex and the commissioning of the Chalcobamba pit [3] - The DRC's output will rise with capacity expansions at CMOC's Tenke Fungurume and Kisanfu projects, along with progress in the Heshima Hydropower Project [4] - Chile, holding a 23% share of global copper output in 2024, will see a modest 2% increase in output in 2025 as key operations recover [4] Production Challenges - Canada will benefit from improved grades at Teck Resources' Highland Valley Copper mine, but growth will be partially offset by planned lower production in Indonesia and Australia, where combined output is expected to fall from 1.8 million tonnes in 2024 to 1.5 million tonnes in 2025 [5] - In Indonesia, output at PT Freeport Indonesia's Grasberg Block Cave mine is set to decline due to lower ore grades and reduced operating rates, with production disrupted in September 2025 [6]