ICSG: Global Copper Mine Production Rises in 2025, Refined Surplus Tightens
Chile recorded a 0.7% decline in mine output, as gains at Escondida and Codelco were outweighed by losses at Collahuasi and Los Pelambres.
SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data on global copper supply and demand for October in its December 2025 Copper Bulletin, highlighting moderate growth in mine production and a narrowing refined copper surplus.
According to the report, world copper mine production rose by around 1.9% during the first ten months of 2025, supported by higher output from projects ramping up to capacity and improved performance at several operating mines. Concentrate production increased by 0.7%, while SX-EW output grew by 3.2%.
Chile recorded a 0.7% decline in mine output, as gains at Escondida and Codelco were outweighed by losses at Collahuasi and Los Pelambres. Peru’s production increased by 3%, while output in the Democratic Republic of Congo rose 7%, despite disruptions at the Kamoa mine. Mongolia posted a 35% jump in concentrate production, while Indonesia’s output fell sharply due to maintenance and operational incidents.
World refined copper production grew by about 4.4% over the period, led by China and the DRC, which together account for nearly 57% of global output. Apparent refined copper usage increased by 5.5%, driven largely by China. Preliminary data point to a refined copper surplus of around 122,000 tonnes, down from 261,000 tonnes a year earlier.
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