Chinalco said to eye stake in biggest Philippine copper mine
Aluminum Corp. of China is considering investing in what is set to be the Philippines’ largest gold and copper mine.
China, with its huge manufacturing sector, is by far the biggest consumer of copper.
Currently, 70% of copper used in China is imported. As a result, the country has invested heavily in copper mines to secure future supply.
This graphic by Visual Capitalist Elements compares copper output from the top three global producers with Chinese miners. Since some mining operations have shared ownership, this graphic considers only the portion of production relative to the company’s stake in each mine.
In 2010, Chinese miners produced a total of 1.2 million tonnes of copper. In that same year, the top producer, Chilean state miner Codelco, produced 1.8 million tonnes, while the world’s largest miner and second-largest copper producer, BHP, produced 1 million tonnes.
Over the years, however, Chinese output has surged while major miners have faced challenges. In 2023, Codelco’s production fell to its lowest level in a quarter of a century due to operational problems and project delays.
Meanwhile, China’s biggest copper producer, Zijin Mining, saw its production rise from 0.059 million tonnes in 2010 to 0.8 million tonnes last year.
Combined, Chinese companies produced 3.2 million tonnes of copper in 2023, compared to the combined production of 4 million tonnes by Codelco, Freeport-McMoRan (the biggest copper producer in the U.S.), and BHP.
According to Benchmark Mineral Intelligence data, Chinese miners are forecasted to surpass the three top producers in 2025, with a combined production of 4.4 million tonnes compared to 4.3 million tonnes from Codelco, BHP, and Freeport.
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